DTN Midday Livestock Comments 07/22 11:46

DTN Midday Livestock Comments 07/22 11:46 Monday Sends Livestock Contracts Higher It's been a fruitful morning for the livestock futures as all three markets are seeing ample technical support heading into the afternoon. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Thus far it's been a rallying day for the livestock complex as all three of the livestock futures are trading higher into Monday's noon hour. Traders are electing to view Friday's Cattle on Feed report as supportive given that placements were lighter than a year ago. December corn is up 8 3/4 cents per bushel and December soybean meal is up $10.10. The Dow Jones Industrial Average is up 6.69 points. LIVE CATTLE: The live cattle complex is back to trading higher as traders seem to move past the fact that Friday's Cattle on Feed report showed greater on-feed totals compared to a year ago. Thankfully this bodes well for feedlot managers as they may be able to price cattle steady this week, especially if the board cooperates. August live cattle are up $0.40 at $183.55, October live cattle are up $0.75 at $184.22 and December live cattle are up $1.10 at $185.77. No bids or asking prices are posted yet and again this week it's not likely any trade will develop ahead of Wednesday. Last week Southern live cattle traded at mostly $188, which is fully steady with the previous week's weighted average. Northern dressed cattle traded at mostly $310, which is $2.00 lower than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 71,749 head. Of that 76% (54,696 head) were committed to the nearby delivery, while the remaining 24% (17,053 head) were committed to the deferred delivery. Boxed beef prices are mixed: choice down $0.15 ($313.68) and select up $1.29 ($300.09) with a movement of 72 loads (37.13 loads of choice, 10.33 loads of select, 6.93 loads of trim and 17.67 loads of ground beef). FEEDER CATTLE: Despite Friday's Cattle on Feed report showing greater on-feed totals, traders have elected to focus on the fact that placements were lower than a year ago, which has helped spur the market higher. August feeders are up $0.77 at $256.37, September feeders are up $0.77 at $256.55 and October feeders are up $0.80 at $256.35. So long as the live cattle complex continues to trade higher as well, feeders should have no issue closing higher Monday. LEAN HOGS: The lean hog complex is continuing to trudge higher as the market is again well supported by stronger pork cutout values. The turn in pork demand has helped the market immensely, and so long as consumers remain supportive again this week, the complex should be able to keep with its steady to higher trend its been pushing. August lean hogs are up $0.50 at $92.07, October lean hogs are up $1.05 at $75.60 and December lean hogs are up $0.72 at $67.65. The projected CME Lean Hog Index is delayed from the source. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.51 with a weighted average price of $83.84, ranging from $82.00 to $85.00 on 383 head and a five-day rolling average of $84.24. Pork cutouts total 157.51 loads with 146.55 loads of pork cuts and 10.96 loads of trim. Pork cutout values: up $2.70, $104.86. ShayLe Stewart can be reached shayle.stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.