DTN Midday Livestock Comments 09/10 11:39

DTN Midday Livestock Comments 09/10 11:39 Traders Cautious in Livestock Complex Tuesday The livestock complex is nearing Tuesday's noon hour mixed as traders would like to keep with Monday's aggressive approach, but support isn't coming to fruition. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: It's a mixed marketplace for the livestock complex as Tuesday nears its noon hour. Traders would like to support the contracts, but substantial fundamental support has been tough to come by. December corn is up 1 cent per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is up 484.18 points. LIVE CATTLE: Traders have been apprehensive about supporting the live cattle complex as boxed beef prices have been mixed and cash prices have been trading lower, but as the market nears Tuesday's noon hour most of the market is trading higher, except for the nearby contracts. October live cattle are down $0.32 at $176.57, December live cattle are down $0.17 at $176.62 and February live cattle are up $0.10 at $177.82. Overall traders just don't seem confident in the marketplace as technical direction changes have been dramatic lately and the fundamentals continue to lag in lending enough support. Still no cash cattle trade has developed, but asking prices are noted in the South at $182. Trade won't likely develop until sometime after Wednesday. Boxed beef prices are mixed: choice up $1.06 ($309.58) and select down $0.01 ($298.48) with a movement of 89 loads (49.63 loads of choice, 16.89 loads of select, 9.05 loads of trim and 13.89 loads of ground beef). FEEDER CATTLE: Even though the live cattle complex is mixed, the feeder cattle market is thankfully trading higher as traders continue to rally off Monday's strong performance. September feeders are up $1.22 at $238.95, October feeders are up $0.77 at $235.55, and November feeders are up $0.80 at $232.62. The live cattle complex has been back and forth in its trading today, and so long as the live cattle contracts don't turn substantially lower, feeders may be able to keep with their modest rally through Tuesday's end. LEAN HOGS: The lean hog complex has again found some technical footing and as the day nears noon, traders are attempting to push a modest rally. October lean hogs are up $0.02 at $78.82, December lean hogs are up $0.22 at $71.32, and February lean hogs are up $0.30 at $75.25. Again, packers are actively buying hogs in the cash market as they seem to have been short bought heading into this week. Midday pork cutout values are down slightly, which traders will watch to see the afternoon carcass price as demand remains a key line item in this market. The projected CME Lean Hog Index for 9/9/2024 is down $0.18 at $85.56 and the actual index for 9/6/2024 is down $0.50 at $85.74. Hog prices on the Daily Direct Morning Hog Report average $77.82, ranging from $67.00 to 78.50 on 4,297 head and with a five-day rolling average of $78.05. Pork cutouts total 218.21 loads with 200.49 loads of pork cuts and 17.72 loads of trim. Pork cutout values: down $0.17, $95.55. ShayLe Stewart can be reached shayle.stewart@dtn.com ** If you're planning to attend Husker Harvest Days in Grand Island, Nebraska, be sure and check out the DTN building to learn more about our latest products and efforts. You'll also want to sit in on our weather and markets outlooks from Ag Meteorologist John Baranick and Lead Analyst Todd Hultman. The outlook sessions are at 10:00 a.m. CDT and 2 p.m. CDT on Sept. 10 and 11. On Sept. 12 we'll have a weather outlook at 10:00 a.m. Hultman will be covering the USDA WASDE report, which comes out at 11:00 a.m. CDT, and hosting a webinar discussion about the report at 12:30 p.m. To register for the free webinar, go to https://www.dtn.com/wasde-webinars/ (c) Copyright 2024 DTN, LLC. All rights reserved.