DTN Midday Livestock Comments 12/03 11:52

DTN Midday Livestock Comments 12/03 11:52 Cattle Contracts Rally Back After Monday's Ascent Asking prices are now noted in the South at $192 to $194, but still no cash cattle trade has developed. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The livestock complex is back to rallying as traders continue to see the strong fundamental support, especially in the cattle complex. Still no cash cattle trade has developed, and trade will likely be delayed until Thursday or Friday. March corn is down 1 cent per bushel and January soybean meal is up $1.60. The Dow Jones Industrial Average is down 62.66 points. LIVE CATTLE: With the feeder cattle contracts firing ahead and again leading the market's charge, the live cattle contracts are following suit and rallying in the feeder cattle market's shadow. Deemer live cattle are up $1.17 at $188.70, February live cattle are up $1.52 at $189.45 and April live cattle are up $1.37 at $191.50. Technical pressure will be something that the market will dance with moving forward as strenuous pressure remains at the summer highs established earlier this year, but if demand prevails, the sky is the limit. Still no developments have surfaced in the cash cattle market and trade will likely be delayed until Thursday or Friday as feedlot managers are gearing to price their showlists higher again this week. Asking prices are noted at $192 to $194 in the South, and are still not noted in the North. Boxed beef prices are mixed: choice up $1.03 ($314.04) and select down $0.40 ($276.60) with a movement of 83 loads (42.67 loads of choice, 16.63 loads of select, 12.33 loads of trim and 10.96 loads of ground beef). FEEDER CATTLE: Although traders did some profit-taking throughout Monday's trade which ultimately led to the market's lower ascend through Monday's close, traders are back to pushing the complex higher and have nearly regained all that the market lost just yesterday. January feeders are up $3.47 at $260.32, March feeders are up $2.65 at $258.20 and April feeders are up $2.27 at $259.20. More than anything I believe that traders continue to see the fundamental merit in the cattle market's rally and simply cannot deny the power which the market possesses. Just yesterday afternoon at Joplin Regional Stockyards in Carthage, Missouri feeder steers weighing under 650 pounds were trading anywhere from $5.00 to $30.00 higher. LEAN HOGS: The lean hog complex is surprisingly trading higher yet again today even with morning pork cutout values down slightly. With the market continuing to inch higher and pressure long-term resistance, it will be imperative to demand imports if traders continue to advance the hog contracts. The biggest deterrents of the carcass's ability to be reported higher this morning were the belly's $5.32 decline and the ham's $4.02 decline. December lean hogs are up $0.30 at $83.52, February lean hogs are up $0.30 at $88.22 and April lean hogs are up $0.15 at $92.65. The projected lean hog index for 12/2/2024 is down $0.30 at $84.06, and the actual index for 11/29/2024 is down $0.85 at $84.36. Hog prices on the Daily Direct Morning Hog Report average $86.57, ranging from $76.00 to $89.00 on 1,473 head and a five-day rolling average of $86.20. Pork cutouts total 178.24 loads with 150.94 loads of pork cuts and 27.30 loads of trim. Pork cutout values: down $1.21, $91.45. ** As a new administration prepares to take office in the U.S., farmers are preparing for the next growing season. In this year's DTN Ag Summit, we'll examine the state of national farm policy, including timing on a farm bill, makeup of the ag committees and new leadership at USDA. A few of the winners of this year's America's Best Farmers and Ranchers award share what they've learned from selling directly to consumers, and the DTN markets and weather team will offer their perspective on what's in store for 2025. The DTN Ag Summit is scheduled for Dec. 5-6, 2024. Use this link to sign up: https://dtn.link/DTNAgSummit2024 You can also see more about the upcoming Summit at https://www.dtnpf.com/agriculture/web/ag/videos/reporters-notebook?embedCode=rn2 024x15&channelTab=Reporter%E2%80%99s%20Notebook ShayLe Stewart can be reached shayle.stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.