DTN Midday Livestock Comments 12/27 11:33 Southern Live Cattle Trading at $192 Some light trade has been reported in the South at $192 which is $1.00 higher than last week's weighted average. No trade has been reported yet in the North. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Both the live cattle and lean hog contracts are continuing to trade higher as the market is pleased to see meat prices continuing to trade higher. Some light cash cattle trade has been reported in the South at $192 which is $1.00 higher than last week's weighted average. March corn is up 3/4 cent per bushel and March soybean meal is down $1.80. The Dow Jones Industrial Average is down 516.44 points. Friday's export report beef net sales of 1,100 mt for 2024 were down 85% from the previous week and 81% from the prior 4-week average. The three primary buyers were Japan (1,000 mt), Mexico (500 mt) and South Korea (300 mt). Pork net sales of 7,100 mt for 2024 were down 37% from the previous week and 67% from the prior 4-week average. The three largest buyers were Japan (2,000 mt), Mexico (1,400 mt) and China (1,400 mt). LIVE CATTLE: Even though the feeder cattle complex is trading slightly lower, the live cattle contracts have been able to maintain their upward trek as the market is seeing strong support from higher boxed beef prices, and some stronger cash cattle sales have been reported in the South. There's been a light movement of cattle traded in the South at $192 which is $1.00 higher than last week's weighted average. Bids of $305 have again surfaced in the North, but with feedlots' asking prices firm at $310, that lower bid hasn't gotten packers anywhere. And with boxed beef prices higher and the board lending the complex technical support as well -- it's likely that Northern feedlot managers will see higher prices again this week if they wait patiently as packers didn't buy many cattle last week. December live cattle are up $0.20 at $192.97, February live cattle are up $0.07 at $190.17 and April live cattle are up $0.20 at $192.80. Boxed beef prices are higher: choice up $0.95 ($321.34) and select up $3.60 ($292.37) with a movement of 46 loads (24.60 loads of choice, 5.47 loads of select, 7.99 loads of trim and 7.90 loads of ground beef). FEEDER CATTLE: As questioned yesterday when the market ran up to its long-term resistance at $260, the feeder cattle complex is trading steady/somewhat lower as Friday's noon hour approaches. It is supportive to see some light cash cattle trading at higher prices, but for traders to confidently conquer the resistance at $260, all hands on deck are going to be required to accomplish that feat. January feeders are up $0.65 at $259.95, March feeders are down $0.05 at $259.45 and April feeders are down $0.10 at $259.80. LEAN HOGS: The lean hog complex is also trading higher as it's pleased to see pork cutout values higher yet again. February lean hogs are up $0.37 at $84.57, April lean hogs are up $0.52 at $89.77 and June lean hogs are up $0.57 at $102.12. The morning cutout report is slightly skewed by the belly's $8.38 jump, but the ham also had a nice $5.58 jump both of which helped offset the $6.05 decline in the picnic. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 932 head have traded, and the market's five-day rolling average now sits at $79.10. Pork cutouts total 119.45 loads with 101.24 loads of pork cuts and 18.21 loads of trim. Pork cutout values: up $1.56, $97.25. ShayLe Stewart can be reached shayle.stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.