GENERAL COMMENTS:
The livestock complex isn't an overly eventful marketplace to be monitoring ahead of the week's end. The cash cattle market could see more some clean-up trade happen before the day's last whistle, but largely, the week's business is done with. March corn is up 1/2 cent per bushel and March soybean meal is up $11.90. The Dow Jones Industrial Average is up 555.26 points.
LIVE CATTLE:
The live cattle market isn't dynamically trading into Friday afternoon as traders don't seem overly interest in supporting the market ahead of the week's close, and the cash cattle market hasn't seen much improve from packers either. It is positive to see boxed beef prices higher again as that will likely keep packers engaged in the market in the upcoming week as they set out to sell as much product as possible when beef prices are this high. February live cattle are down $0.55 at $156.80, April live cattle are down $0.55 at $160.72 and June live cattle are down $0.57 at $156.70. There's been a little more cash cattle trade reported in Nebraska at $252, which is fully steady with the week's trade. Throughout the week, Southern live deals have been marked at $157, which is steady with last week's weighted average, and Northern dressed cattle have traded for mostly $252, which is $0.50 higher than last week's weighted average. There could be a few light, clean-up trades noted ahead of Friday's end, but largely it's appearing like the week's business is done with.
Beef net sales reductions of 6,900 mt for 2022 were primarily for Japan (2,200mt), South Korea (1,900 mt), and China (1,000 mt).
Boxed beef prices are higher: choice up $1.60 ($283.23) and select up $3.45 ($260.40) with a movement of 70 loads (47.45 loads of choice, 5.63 loads of select, 8.17 loads of trim and 8.54 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is trending lower into Friday's afternoon as the market longs to keep with the market's upward surge seen earlier this week, but with the live cattle market trending lower and corn prices trading slightly higher, a slightly weaker tone is expected throughout the feeder cattle market. January feeders are down $0.75 at $183.05, March feeders are down $0.75 at $185.80 and April feeders are down $0.52 at $190.00. Next week, the market will likely be able to pursue higher trade again, but it will need to continue to see support in feeder cattle sales throughout the countryside and continued support in the cash cattle and live cattle markets.
LEAN HOGS:
The large volume sales in pork cuts haven't been enough to turn the lean hog market higher as once again the complex is keeping with its lower trend. Unfortunately, the market continues to remain concerned about what demand will be in the weeks ahead and unless something drastically changes, a weaker trending market could be the short-term theme of the hog market. February lean hogs are down $2.15 at $80.37, April lean hogs are down $1.52 at $90.00 and June lean hogs are down $0.87 at $105.12.
Pork net sales reductions of 51,900 mt for 2022 were primarily for Mexico (21,800 mt), Japan (9,200 mt) and South Korea (5,800 mt).
The projected lean hog index for Jan. 5 is down $0.77 at $77.49, and the actual index for Jan. 4 is down $0.80 at $78.26. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.35 with a weighted average of $74.12, ranging from $73.00 to $77.00 on 4,234 head and a five-day rolling average of $73.82. Pork cutouts total 157.06 loads with 135.07 loads of pork cuts and 21.99 loads of trim. Pork cutout values: up $1.59, $85.91.
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