GENERAL COMMENTS:
The livestock complex is seeing mixed interest as the market heads into Thursday afternoon. The cash cattle market has seen a thin movement of cattle trade in the South for $145, which is $1.00 higher than last week's weighted average. This week's export data will be released on Friday, Oct. 14. December corn is up 1 3/4 cents per bushel and December soybean meal is down $1.60. The Dow Jones Industrial Average is up 518.13 points.
LIVE CATTLE:
The live cattle complex is trading mixed into Thursday's afternoon as the market is seeing support in the cash cattle side of things, but the mixed trade in the corn sector has the market cautiously watching its every move. October live cattle are up $0.57 at $146.75, December live cattle are up $0.17 at $148.62 and February live cattle are down $0.07 at $152.05. The cash cattle market hasn't seen much action happen, but the little that has developed has been for roughly $1.00 higher than last week's market in the South. Southern cattle are beginning to trade for $145, and while bids of $148 are being offered in Nebraska, Northern feedlots have opted to let those bids sit unfulfilled for the time being. Asking prices in the South stand at $146-plus, and in the North for $232-plus. It's likely that packers will have to get more aggressive in their bidding if they're going to get any cattle bought Thursday. The market's newest carcass data will be released later this afternoon which will likely show lighter weights as throughput has been stellar and cattle are spending less time on feed.
Boxed beef prices are mixed: choice down $0.42 ($246.24) and select up $0.56 ($214.82) with a movement of 110 loads (66.54 loads of choice, 20.68 loads of select, 15.49 loads of trim and 7.49 loads of ground beef).
FEEDER CATTLE:
The feeder cattle market is seeing its nearby contracts trade slightly higher while its deferred markets pull back ever so slightly. The market is encouraged to see cash cattle beginning to trade higher, but it's keenly watching the corn complex to make sure that it doesn't run higher. If grain prices trade higher, that will hinder buying in the countryside as buyer's breakevens don't have much room to give and still yield a profit. October feeders are up $0.12 at $175.62, November feeders are up $0.15 at $176.82 and January feeders are down $0.07 at $176.82.
LEAN HOGS:
The lean hog complex is drawing back as the market trades hesitantly into Thursday's afternoon. December lean hogs are down $0.55 at $80.15, February lean hogs are down $0.50 at $81.37 and April lean hogs are down $0.42 at $85.12. The market may trade cautiously as midday pork cutout prices are trending lower and the market is anxious to see Friday's export data. The market has trade relatively strong throughout the week so at this point traders are going to need to see strong fundamental support to justify any higher trade.
The projected lean hog index for Oct. 12 is up $0.18 at $92.67, and the actual index for Oct. 11 is down $0.46 at $92.49. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.42 with a weighted average of $87.79, ranging from $84.00 to $92.50 on 6,269 head and a five-day rolling average of $86.27. Pork cutouts total 131.26 loads with 112.97 loads of pork cuts and 18.29 loads of trim. Pork cutout values: down $1.50, $102.44.
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