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DTN Midday Livestock Comments 07/29 11:45
Cattle Futures Inch Higher Wednesday, While Hogs Long to See Consumer
Support Improve
Bids are on the table in Nebraska and Kansas; and with bids higher than
asking prices in the South, cash cattle trade will likely begin to develop at
any time now.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
The livestock complex is mixed as the cattle contracts have more than enough
support helping push them higher, but the lean hog contracts are trading lower
as traders aren't pleased with the slight reduction in consumer demand. Bids
are on the table in Kansas and Nebraska, but no cash cattle trade has developed
at this point. December corn is down 8 1/4 cents per bushel and December
soybean meal is down $5.60. The Dow Jones Industrial Average is down 853.97
points and NASDAQ is down 271.55 points.
LIVE CATTLE:
The bulls have again taken over the live cattle complex and are successfully
pushing the live cattle futures higher into Wednesday's noon hour. So, what
gives, you ask? I mean, wasn't it just two days ago the market plummeted lower
upon hearing the U.S. border is going to open for Mexican cattle imports
starting Aug. 24? Yes, all of that is true. But in today's fast-paced world,
that's old news at this point and the consensus of the market seems to be the
downturn the cattle complex endured over the last month has been overdone and
it's time to see some support. August live cattle are up $1.72 at $229.20,
October live cattle are up $2.12 at $224.30 and December live cattle are up
$2.15 at $223.45. No trade has developed yet Wednesday in the cash market, but
it wouldn't be surprising to see some does develop later this afternoon. Bids
are currently on the table in Nebraska at $360 dressed and $228 live and in
Kansas at $228 live. Asking prices are noted in the South at $234 to $235 but
are not fully established yet in the North.
Boxed beef prices are mixed: choice down $1.35 ($364.51) and select up $1.75
($345.27) with a movement of 77 loads (48.06 loads of choice, 11.72 loads of
select, 10.01 loads of trim and 7.52 loads of ground beef).
FEEDER CATTLE:
The feeder cattle contracts are trading higher into Wednesday's noon hour,
keeping right in line with the live cattle market's trend. August feeders are
up $2.02 at $345.10, September feeders are up $2.70 at $339.90 and October
feeders are up $3.77 at $330.60. So long as the live cattle market continues to
trade higher through Wednesday's close, it's likely the feeder cattle contracts
will follow suit.
LEAN HOGS:
With the slight dip in pork demand, the lean hog contracts are trading lower
into Wednesday's noon hour. August lean hogs are down $0.75 at $102.35, October
lean hogs are down $1.30 at $86.97 and December lean hogs are down $1.62 at
$78.05. Until traders see improved consumer support, a sideways chop is all
that's expected of the contracts. The projected CME Lean Hog Index for
7/28/2026 is up $0.10 at $98.45 and the actual index for 7/27/2026 is up $0.12
at $98.35. Hog prices are higher on the Daily Direct Morning Hog Report, up
$0.33 with a weighted average price of $101.65, ranging from $92.00 to $102.50
on 1,825 head and a five-day rolling average of $101.08. Pork cutouts total
157.85 loads with 132.65 loads of pork cuts and 25.20 loads of trim. Pork
cutout values: down $1.34, $102.57.
ShayLe Stewart can be reached shayle.stewart@dtn.com
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