DTN Midday Livestock Comments 08/28 11:54

DTN Midday Livestock Comments 08/28 11:54 Hogs Continue to Trade Higher While Cattle Stalemate No bids or asking prices have surfaced yet in the cash market as feedlot managers are hoping if they wait the week out cattle may trade steady. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The livestock complex is trading mixed into Wednesday's noon hour as the lean hog market continues to advance thanks to ample consumer support and trade interest. The cattle sector is changing its higher tune to a more cautious demeanor as traders are wanting to see what develops in this week's cash market. December corn is down 1 1/4 cents per bushel and December soybean meal is down $3.10. The Dow Jones Industrial Average is down 228.10 points. LIVE CATTLE: The live cattle complex has deadlocked its higher trend as traders aren't willing to advance the market any more until fundamental support surfaces. And as of this point, no developments have surfaced in the cash sector. Bids and asking prices both remain unestablished as feedlot managers are hoping if they waited the week out, steady prices would be within their reach. October live cattle are down $0.30 at $179.07, December live cattle are down $0.67 at $178.17 and February live cattle are down $0.45 at $179.05. Packer interest could improve throughout the day, but at this point it looks like trade will be delayed until at least Thursday. Boxed beef prices are lower: choice down $2.02 ($309.95) an select down $0.56 ($299.69) with a movement of 78 loads (52.47 loads of choice, 13.58 loads of select, zero loads of trim and 12.18 loads of ground beef). FEEDER CATTLE: The feeder cattle complex is mixed heading into Wednesday's noon hour as the live cattle market isn't currently lending any support and traders aren't feeling confident enough about the market to advance fully without the live cattle market's go-ahead. September feeders are down $0.52 at $241.40, October feeders are up $0.32 at $238.70 and November feeders are up $0.30 at $236.57. At this point in time, the market isn't necessarily jumping ship and reverting back to lower territory. Instead the market is trading mildly lower as the feeder cattle complex is trying to patiently wait for support to surface again. LEAN HOGS: It's another rallying day for the lean hog complex as the market continues to see ample support from traders and remains well supported from stronger cutouts. October lean hogs are up $0.17 at $82.27, December lean hogs are up $0.40 at $72.05 and February lean hogs are up $0.42 at $74.62. It is odd to see that zero hogs have traded Wednesday morning. I expect we will see some trade develop later Wednesday afternoon; but at this point it's looking like the day's volume will be thin. The projected CME Lean Hog Index for 8/27/2024 is down $0.04 at $87.82, and the actual index for 8/26/2024 is down $0.04 at $87.82. Hog prices are unavailable on the Daily Direct Morning Hog Report as zero hogs have traded/been reported this morning. Pork cutouts totaled 132.92 loads with 115.49 loads of pork cuts and 17.44 loads of trim. Pork cutout values: up $0.44, $96.49. ShayLe Stewart can be reached shayle.stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.