DTN Midday Livestock Comments 12/19 11:33

DTN Midday Livestock Comments 12/19 11:33 Bids Have Surfaced for the Fed Cash Cattle Market Bids of $191 live and $305 dressed are currently being offered, but feedlot managers have their hopes sight on more money. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The livestock complex is again trading mixed as traders continue to push the cattle contracts lower, but the hog complex is trading slightly higher. Bids have surfaced in the cattle complex, but no new trade has developed. March corn is up 2 cents per bushel and March soybean meal is up $4.60. The Dow Jones Industrial Average is up 203.44 points. Thursday's export data showed that beef net sales of 7,200 mt for 2024 were down 35% from the previous week and 5% from the prior 4-week average. The three primary buyers were South Korea (2,200 mt), Japan (1,200 mt) and Taiwan (800 mt). Pork net sales of 11,200 mt for 2024 were down 50% from the previous week and 52% from the prior 4-week average. The three primary buyers were Mexico (2,800 mt), Japan (2,300 mt) and Canada (2,100 mt). LIVE CATTLE: The live cattle complex is trading lower as the market continues to flounder lower and lower. It's been nerve racking to watch the spot February contract dip below the market's 40-day moving average as traders are seeming to throw in the towel, and scramble as they're being pressured by profiting taking from money managed funds. They won't likely find secure and stable confidence in the market's fundamentals this week as the week's lower dive is being technically driven. There were a few sales marked in the North Wednesday at $305, which is $2.00 higher than last week's weighted average. Bids are currently on the table in both regions where live cattle bids are sitting at mostly $191 in the South and $305 dressed in the North. Asking prices for cattle remain firm at $193 to $195 live in the South and $307 plus in the North. Boxed beef prices are mixed: choice up $6.80 ($321.64) and select up $1.84 ($283.71) with a movement of 55 loads (25.78 loads of choice, 14.14 loads of select, 7.42 loads of trim and 7.54 loads of ground beef). FEEDER CATTLE: It's been another strenuous and stressful day for the feeder cattle complex as the market continues to plunder lower. Thus far, the live cattle complex hasn't been of any support as it's also trading higher, and although there are bids currently being offered in the fed cash cattle market -- no new trade has developed Thursday. The market is currently remaining above its support plan at $255, which will be a key threshold to monitor through the day's end. January feeders are down $2.10 at $254.90, March feeders are down $2.35 at $255.02 and April feeders are down $2.57 at $255.82. LEAN HOGS: The lean hog complex is back to trading higher as the market has seemed to find some technical footing at Wednesday's close. The day's higher trend isn't being fueled by fundamental support, however as pork cutout values are down, the day's export sales report was lousy, and there weren't enough cash hogs traded Thursday morning to even be reported publicly. February lean hogs are up $0.30 at $84.02, April lean hogs are up $0.27 at $89.17 and June lean hogs are up $0.42 at $101.17. The projected lean hog index for 12/18/2024 is up $0.05 at $84.21, and the actual index for 12/17/2024 is up $0.18 at $84.16. Hog prices are not available on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 345 head have traded Thursday morning and that the market's five-day rolling average now sits at $78.99. Pork cutouts total 183.59 loads with 166.55 loads of pork cuts and 17.94 loads of trim. Pork cutout values: down $0.38, $95.97. ShayLe Stewart can be reached shayle.stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.