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DTN Midday Livestock Comments 04/29 11:41
Traders Vaguely Support the Livestock Contracts at Monday's Noon Hour
The entire livestock complex is trading meekly as traders long to see what
the week's consumer demand amounts to.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
Traders are taking a careful approach to Monday's market as all three of the
livestock markets are trading mixed into the noon hour. The biggest thing that
traders seemed concerned about for the time being is demand -- what will beef
and pork demand be over the summer? July corn is down 1 3/4 cents per bushel
and July soybean meal is up $8.20. The Dow Jones Industrial Average is up
105.02 points.
LIVE CATTLE:
The live cattle complex is trading gingerly into the day's noon hour as
traders would like to see followed through fundamental support following last
week's late-week technical advancement. Feedlots could be hard-pressed to get
cattle traded for more money this week as last week's negotiated cash cattle
trade totaled 92,548 head -- the second biggest volume sold thus far in 2024.
June live cattle are down $1.10 at $177.47, August live cattle are down $0.80
at $175.97 and October live cattle are down $0.72 at $179.85. New showlists
appear to be mixed, higher in Kansas, Nebraska/Colorado, but lower in Texas.
Last week Southern live cattle traded for mostly $182 which is steady with
the previous week's weighted average. Northern dressed cattle traded at mostly
$294 which is $2.00 higher than the previous week's weighted average. Last
week's negotiated cash cattle trade totaled 92,548 head. Of that 74% (68,496
head) were committed to the nearby delivery, while the remaining 26% (24,052
head) were committed to the deferred delivery.
Boxed beef prices are higher: choice up $0.40 ($297.54) and select up $2.27
($290.99) with a movement of 51 loads (30.88 loads of choice, 7.70 loads of
select, 7.88 loads of trim and 5.01 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is trading with a lower tone as the market would
like to see the live cattle complex better supported before it advances. May
feeders are down $0.97 at $247,82, August feeders are down $0.80 at $259.75 and
September feeders are down $0.67 at $260.90. Feeder cattle interest throughout
the countryside has been exceptional and with green grass and turnout season
quickly approaching, demand should remain strong as there simply aren't as many
feeders to sort through this year.
LEAN HOGS:
The lean hog complex is trading mixed into Monday's noon hour with only some
of the nearby contracts struggling to trade higher. With there still being
concern over what summertime demand will amount to in the pork sector, traders
are cautiously trading the late summer early fall 2024 contracts. The big
uptick in today's midday carcass price comes from a $31.99 jump in the belly
which will likely continue to be a volatile cut moving forward. June lean hogs
are up $0.17 at $102.65, July lean hogs are down $0.65 at $105.30 and August
lean hogs are down $0.55 at $103.40.
The projected lean hog index for 4/26/2024 is down $0.52 at $90.36, and the
actual index for 4/25/2024 is down $0.55 at $90.88. Hog prices are unavailable
on the Daily Direct Morning Hog Report due to confidentiality. However, we can
see that 170 head have traded and that Pork cutouts total 221.74 loads with
195.93 loads of pork cuts and 25.81 loads of trim. Pork cutout values: up
$7.09, $104.72.
ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com
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