Tuesday Midday Livestock Market Summary - Mixed Interest in Market

GENERAL COMMENTS:

The livestock complex was trading fully higher at Tuesday's start but as the market nears Tuesday's noon hour, more cautious, skeptical tones are entering the livestock complex. Still no cash cattle trade has developed and it's most likely that the week's trade will be delayed until sometime after Wednesday. December corn is down 2 1/2 cents per bushel and December soybean meal is up $2.00. The Dow Jones Industrial Average is up 263.97 points.

LIVE CATTLE:

The live cattle complex heads into Tuesday's noon hour mixed as the nearby contracts are trading slightly higher while the deferred contracts trade lower. Traders seem more interested in trading the livestock contracts today, but with midday boxed beef prices printing lower, the nearby contracts will likely be pressured this afternoon as beef demand remains a crucial component to the market's fate of whether or not it will indeed be able to trade higher amid the rest of the market's looming external pressures. October live cattle are up $0.27 at $182.65, December live cattle are up $0.17 at $185.45, and February live cattle are up $0.12 at $189.75. The cash cattle market hasn't seen any interest develop from packers yet and it's likely that the week's trade will be delayed until sometime after Wednesday.

Boxed beef prices are lower: choice down $0.43 ($302.99) and select down $1.47 ($276.03) with a movement of 137 loads (56.65 loads of choice, 31.46 loads of select, 31.78 loads of trim and 17.34 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts are finding support in Tuesday's market as the corn complex trades lower and as the live cattle market lends some comforting encouragement through its slightly higher trade. Still, the spot November contract is trading below its 100-day moving average, but the contract has flirted with the notion of pressuring that threshold. October feeders are up $0.97 at $247.87, November feeders are up $0.95 at $250.60 and January feeders are up $0.62 at $252.47.

LEAN HOGS:

The lean hog contracts were originally trading higher this morning but as Tuesday's noon hour nears the market has grown more cautious. It's not helping that midday pork cutout values are lower, and cash prices too. The belly is solely to blame for the midday report's lower carcass price as it's the only cut trading lower, but drastically so as it's plummeted $21.06 from yesterday's prices. October lean hogs are up $0.05 at $82.05, December lean hogs are down $0.77 at $71.70, and February lean hogs are down $0.75 at $75.92.

The projected lean hog index for 10/9/2023 is down $0.20 at $82.26, and the actual index for 10/6/2023 is down $0.57 at $82.46. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.66 with a weighted average price of $73.86, ranging from $70.00 to $76.00 on 5,211 head and a five-day rolling average of $74.24. Pork cutouts total 174.58 loads with 164.68 loads of pork cuts and 9.90 loads of trim. Pork cutout values: down $1.50, $93.56.