GENERAL COMMENTS:
It's a grim marketplace Wednesday morning for the livestock complex as all three of the markets drift lower into Wednesday's noon hour. Traders are again keeping an arm's distance from the contracts, and without stronger fundamental support, the contracts are left no option but to keep drifting lower at this point. December corn is up 3/4 cent per bushel and December soybean meal is down $2.80. The Dow Jones Industrial Average is down 86.28 points.
LIVE CATTLE:
The live cattle contracts attempted to trade higher at the day's start, but as traders vaguely participate in their markets, the contracts are trading mildly lower into Wednesday's noon hour. The cash cattle market has a single bid of $185 currently being offered in Nebraska, but otherwise the market is silent, with no other bids or asking prices being noted. The market was hoping to see better support from boxed beef prices, but Wednesday's midday report shows both choice and select cuts trending lower. October live cattle are down $0.20 at $182.37, December live cattle are down $0.57 at $184.47 and February live cattle are down $0.72 at $188.60.
Boxed beef prices are lower: choice down $2.29 ($298.77) and select down $0.35 ($275.80) with a movement of 82 loads (41.85 loads of choice, 19.37 loads of select, 5.56 loads of trim and 14.38 loads of ground beef).
FEEDER CATTLE:
The feeder cattle contracts are feeling Wednesday's pressure as their market pressures the bottom side of their current trading range. Not only is the live cattle complex not lending any support, but corn prices are slightly higher, and traders seem no where to be found as the market nears noon to help support the complex. October feeders are down $0.95 at $247.00, November feeders are down $1.90 at $248.45 and January feeders are down $1.85 at $250.00.
LEAN HOGS:
The lean hog complex is again trading lower as traders are wishing to see more robust fundamental support if they're to advance the contracts any higher. That support could potentially come in Thursday's WASDE report if demand is forecasted to be strong through the end of the year and into 2024. It is supportive, however, to see Wednesday's midday cash prices higher, but it's not enough support obviously to entice traders into advancing the contracts. December lean hogs are down $0.60 at $70.80, February lean hogs are down $0.45 at $75.20 and April lean hogs are down $0.30 at $81.52.
The projected lean hog index for Oct. 10 is up $0.14 at $82.40 and the actual index for Oct. 9 is down $0.20 at $82.26. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.45 with a weighted average price of $74.31, ranging from $69.00 to $76.00 on 2,451 head and a five-day rolling average of $74.41. Pork cutouts total 215.25 loads with 191.86 loads of pork cuts and 23.39 loads of trim. Pork cutout values: down $0.38, $92.69.
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