GENERAL COMMENTS:
The livestock complex is again trading mixed as the cattle complex remains skeptical of whether or not it should trade higher, but the lean hog complex is fully committed to sending its contracts higher. No cash cattle trade has developed and it's likely that trade will be delayed until Thursday or Friday. December corn is up 4 1/4 cents per bushel and December soybean meal is up $1.50. The Dow Jones Industrial Average is down 259.05 points.
LIVE CATTLE:The live cattle complex is again trading lower as traders wait to see what develops in this week's cash market. It's not likely that the cash complex will see much interest ahead of Wednesday, which would likely be the earliest point in which cattle trade. It's even more likely that trade is delayed until Thursday or Friday. Even though Friday's Cattle on Feed report is expected to show lighter on-feed numbers and fewer placements than a year ago, traders and cattlemen have learned to be wary of the report regardless of analyst's estimates as any slight difference between the pre-report figures and that of the actual report can have an effect on the market -- and normally a negative one. October live cattle are down $0.45 at $185.87, December live cattle are down $0.40 at $190.60 and February live cattle are down $0.65 at $195.10. No bids or asking prices are noted at this time.
Boxed beef prices are mixed: choice down $1.50 ($303.82) and select up $0.15 ($283.56) with a movement of 81 loads (56.16 loads of choice, 14.74 loads of select, zero loads of trim and 9.71 loads of ground beef).
FEEDER CATTLE:The feeder cattle complex is continuing to trade lower as the market is seeing little support from the live cattle/cash cattle market and traders are aware of the slight uptick in midday corn prices. September feeders are down $0.70 at $253.65, October feeders are down $1.02 at $259.92 and November feeders are down $0.20 at $265.32. Feeder cattle prices continued to trade well all through Monday's sale, and so long as the fundamental demand from buyers remains strong, the futures complex should be able to trade higher or at least maintain these levels when the live cattle market again finds support.
LEAN HOGS:Even though cash prices are trending lower this morning, traders are pleased to see the increased interest from packers in the form of more sales. The cash hog market has hardly seen little interest as of late, and so seeing an uptick in sales is a positive gesture that traders are quick to make note of. Pork cutout values were able to close higher Monday afternoon, and the interest of consumers is carrying into Tuesday's trade as the midday pork cutout report is showing slightly higher prices as well. With the contracts rallying $1.00 to $2.00 higher, the contracts are nearing the point in which they could face some technical pressure, but at this point, traders don't seem concerned about resistant pressure. October lean hogs are up $1.65 at $84.90, December lean hogs are up $1.95 at $76.37 and February lean hogs are up $1.60 at $79.35.
The projected lean hog index for 9/18/2023 is down $0.23 at $86.58, and the actual index for 9/15/2023 is down $0.12 at $86.81. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.93 with a weighted average price of $77.93, ranging from $75.00 to $79.00 on 4,518 head and a five-day rolling average of $78.08. Pork cutouts total 158.21 loads with 149.71 loads of pork cuts and 8.50 loads of trim. Pork cutout values: up $0.30, $101.26.
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