DTN Midday Livestock Comments 12/17 11:35

DTN Midday Livestock Comments 12/17 11:35 Mixed Tones Summarize Livestock Complex at Midday Tuesday Following Monday's weaker tone, the livestock complex is again trading mixed as traders try to find a clear direction for this week's market. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: It's been a quiet, noneventful day for the livestock complex as traders continue to determine which direction best suits the futures complex without much having developed yet fundamentally. Asking prices are noted in the Southern plains at $193 to $195. March corn is down 2 1/4 cents per bushel and January soybean meal is up $1.40. The Dow Jones Industrial Average is down 244.48 points. LIVE CATTLE: The live cattle complex is trading mostly lower into Tuesday's noon hour as the market is skeptical of trading higher unless something significantly worthwhile develops this week fundamentally. Some of the market's deferred contracts are trading slightly higher, but all in all, slightly lower tones are dominating the market right now. December live cattle are down $0.02 at $192.00, February live cattle are down $0.35 at $189.62 and April live cattle are down $0.27 at $191.47. Still no developments have surfaced in the cash cattle market, and it won't likely be until Thursday or Friday that we see any trade. Asking prices are noted however in the Southern plains at $193 to $195. Boxed beef prices are mixed: choice up $0.43 ($317.80) and select down $0.53 ($289.04) with a movement of 61 loads (32.39 loads of choice, 8.50 loads of select, 6.12 loads of trim and 13.77 loads of ground beef). FEEDER CATTLE: Although the live cattle complex continues to trade lower, the feeder cattle market has shifted its direction as it is trading higher again. The market's biggest cautionary deterrent has the futures complex as traders attempt to manage the market's strong fundamental outlook amid some turmoil from the futures complex as traders grapple with the risk and reality that prices are at near record levels and some profit taking could happen at any point in time. January feeders are up $1.00 at $256.52, March feeders are up $0.97 at $257.40 and April feeders are up $0.72 at $258.15. LEAN HOGS: The lean hog complex is again chopping sideways as the market is disgruntled with pork demand and the cash hog market isn't lending any support either as a measly 185 head have only traded this morning. February lean hogs are down $0.65 at $82.90, April lean hogs are down $0.27 at $87.97 and June lean hogs are down $0.15 at $99.87. The spot February contract is currently trading below the market's support plane which was established earlier last week, but the nearby April 2025 contract is respecting that threshold. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.90 with a weighted average price of $78.84, ranging from $72.00 to $80.00 on 185 head and a five-day rolling average of $80.04. Pork cutouts total 175.88 loads with 146.21 loads of pork cuts and 29.68 loads of trim. Pork cutout values: down $0.64, $94.63. ShayLe Stewart can be reached shayle.stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.