DTN Midday Livestock Comments 08/21 11:48

DTN Midday Livestock Comments 08/21 11:48 Cattle Continue to Trend Lower Amid Economic Concerns A few more cash cattle sales have been reported in the South on Wednesday, but all in all it's been a quiet day in the cash market following Tuesday's thin movement. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: It's another teeth-clenching day for the cattle complex as traders continue to distance themselves from the cattle complex amid economic concerns. A few more cash cattle sales have been reported in the South, where prices are trending $1.00 to $2.00 lower than last week's weighted average. December corn is up 1/4 cent per bushel and December soybean meal is down $0.60. The Dow Jones Industrial Average is down 20.74 points. LIVE CATTLE: Yes, midday boxed beef prices may be higher, but the market simply doesn't seem to care as external factors are still weighing heavily and traders are concerned about the economy and are distancing themselves from commodities (especially cattle) as they remain extremely cautious. October live cattle are down $1.42 at $174.20, December live cattle are down $1.35 at $173.75 and February live cattle are down $1.10 at $174.82. A little more cash cattle trade has developed as another string of live cattle has sold in Kansas for $183 -- which is steady with Tuesday's trade but $2.00 lower than last week's weighted average. No new Northern sales have been reported but on Tuesday dressed sales were being marked at $293 to $294, which is $4.00 to $5.00 lower than last week's weighted average. Boxed beef prices are higher: choice up $0.67 ($315.75) and select up $1.20 ($302.24) with a movement of 77 loads (53.96 loads of choice, 15.01 loads of select, zero loads of trim and 8.49 loads of ground beef). FEEDER CATTLE: Economic concerns haven't lessened or eased up for the feeder cattle complex as the market continues to trade at the bottom end of Tuesday's lower move. September feeder cattle are down $0.25 at $234.20, October feeder cattle are down $1.10 at $230.22 and November feeder cattle are down $1.30 at $228.55. Unfortunately, it's likely the market will remain doggish the rest of the week as fed cash cattle sales are cheaper and a Cattle on Feed report is set to be released later this week as well. LEAN HOGS: Even though the cattle complex is continuing to trek lower, the lean hog complex is posting a moderate rally heading into Wednesday's noon hour. Between higher pork cutout values and stable trader interest, the market has found enough support to spur higher trade. October lean hogs are up $0.85 at $77.25, December lean hogs are up $0.55 at $68.65 and February lean hogs are up $0.57 at $72.15. It's not likely the cash hog market will see another big movement as Tuesday's cash sales exceeded 10,000 head. The projected CME Lean Hog Index for 8/20/2024 is down $0.50 at $89.21, and the actual index for 8/19/2024 is down $0.24 at $89.71. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.07 with a weighted average price of $82.15, ranging from $80.00 to $84.00 on 2,205 head and a five-day rolling average of $83.90. Pork cutouts total 186.07 loads with 168.49 loads of pork cuts and 17.58 loads of trim. Pork cutout values: up $2.15, $99.69. ShayLe Stewart can be reached shayle.stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.