GENERAL COMMENTS:
The livestock complex is trending higher into Friday's afternoon as the market sees more interest arise from traders. It's surprising to see the feeder cattle complex trending higher while the corn market pushes a modest rally, but with the live cattle complex trading higher too, it finds support form that and the fact that demand throughout the countryside has been strong late in the week. December corn is up 14 1/4 cents per bushel and December soybean meal is up $6.20. The Dow Jones Industrial Average is up 273.63 points.
LIVE CATTLE:
The live cattle complex is back to rallying after the market established steady to $2.50 lower trade in the cash cattle market Thursday. The futures complex seems willing to run higher but with boxed beef prices showing some weakness and the cash cattle market not lending enough support, traders aren't willing to take on resistance levels themselves. October live cattle are up $1.17 at $145.55, December live cattle are up $1.35 at $151.00 and February live cattle are up $0.90 at $155.17. The cash cattle market hasn't seen any more trade develop and it's likely that this week's trade is essentially done with. Throughout the week, Southern live cattle have traded for mostly $141, which is steady with last week's weighted average. Northern dressed cattle sold for mostly $226, which is $2.50 lower than last week's weighted average for Nebraska.
Boxed beef prices are lower: choice down $0.77 ($257.24) and select down $0.02 ($236.02) with a movement of 79 loads (57.62 loads of choice, 14.31 loads of select, zero loads of trim and 7.56 loads of ground beef).
FEEDER CATTLE:
Corn prices may be rallying into the day's afternoon but, so far, the feeder cattle complex doesn't seem to care. Demand for calves and feeders has been stronger late this week as buyers are back in the market after the long weekend and are again realizing that there simply won't be as many calves to go around as there was in years past. Not to mention it's also helped that cooler weather has appeared in some Northern regions, which will help alleviate some stress on calves when preconditioning and weaning this fall. September feeders are up $0.50 at $182.82, October feeders are up $0.95 at $185.35 and November feeders are up $0.65 at $186.40.
LEAN HOGS:
The lean hog complex is trending higher into Friday's afternoon as the market finds technical support and even though cash prices aren't seeing much interest still. October lean hogs are up $1.07 at $93.20, December lean hogs are up $0.47 at $83.15 and February lean hogs ae up $0.47 at $87.27. Midday pork cutout values are higher, which could be helping elevate the board's attitude, but before traders put too much faith into higher cutout prices, the afternoon's data will need to be seen. Given that traders haven't pushed the market lower than the support plane at $90.00 could mean that they deem that enough downward pressure has occurred and that prices are going to hold in a sideways trading range for a while.
The projected lean hog index for Sept. 8 is down $0.69 at $99.57 and the actual index for Sept. 7 is down $1.22 at $100.26. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.59 with a weighted average of $90.59, ranging from $86.00 to $100.00 on 3,809 head and a five-day rolling average of $94.97. Pork cutouts total 223.39 loads with 211.91 loads of pork cuts and 11.48 loads of trim. Pork cutout values: up $1.82, $104.26.
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