DTN Midday Livestock Comments 09/04 11:47

DTN Midday Livestock Comments 09/04 11:47 Mixed Tones Dominate Livestock Complex Ahead of Wednesday's Noon Hour No bids or asking prices have surfaced in the cash cattle market, which likely means trade will be delayed for at least another day or two. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: All in all, it's been a mostly quiet Wednesday thus far for the livestock complex as the futures contracts are receiving mixed interest. No bids or asking prices have surfaced yet in the cash market and it's looking like trade could be delayed until Thursday or Friday. December corn is up 2 cents per bushel and December soybean meal is up $4.70. The Dow Jones Industrial Average is up 65.45 points. LIVE CATTLE: The live cattle complex has traded indecisively Wednesday morning, not sure whether or not the market possesses enough support to take on resistance at its 100-day moving average of $181.17. Thankfully, boxed beef prices are higher again, which continues to highlight the fact that beef demand is seeing some improvement. However, traders are continuing to watch the cash cattle complex to see what its tone will be this week. Feedlot managers are aiming for steady prices, but with no bids or asking prices yet established, the true direction of the market remains unknown. October live cattle are up $0.20 at $179.47, December live cattle are up $0.15 at $179.00 and February live cattle are steady at $179.57. Boxed beef prices are higher: choice up $0.61 ($311.28) and select up $0.33 ($300.44) with a movement of 93 loads (54.20 loads of choice, 15.38 loads of select, 11.17 loads of trim and 12.59 loads of ground beef). FEEDER CATTLE: Even though the live cattle complex is currently trading higher, the feeder cattle market is mostly lower as traders aren't pleased with the live cattle market's back-and-forth nature Wednesday morning. And unless the live cattle complex is going to lend full support, traders are opting to remain skeptical and are playing the feeder cattle market cautiously. September feeders are down $1.17 at $240.20, October feeders are down $0.97 at $238.30 and November feeders are down $0.77 at $235.85. LEAN HOGS: The lean hog complex is lower as the market pauses to see if pork demand is going to improve. Traders have recently thrived on the increased pork demand both here domestically and internationally, but with midday pork cutout values lower, traders have taken note of the change. October lean hogs are down $0.15 at $82.37, December lean hogs are down $0.92 at $72.87 and February lean hogs are down $0.65 at $75.67. The projected CME Lean Hog Index for 9/3/2024 is up $0.12 at $86.27, and the actual index for 8/30/2024 is down $0.32 at $86.15. Hog prices on the Daily Direct Morning Hog Report average $78.63, ranging from $70.00 to $80.00 on 6,614 loads with a five-day rolling average of $78.36. Pork cutouts total 182.10 loads with 156.14 loads of pork cuts and 25.96 loads of trim. Pork cutout values: down $1.54, $97.28. ShayLe Stewart can be reached shayle.stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.