GENERAL COMMENTS:
It's another prosperous day for the livestock industry as all three of the markets are trading higher into Tuesday's noon hour. Still no cash cattle trade has developed, and it's not likely that any does until Wednesday at the absolute earliest. December corn is up 4 1/4 cents per bushel and December soybean meal is up $1.50. The Dow Jones Industrial Average is up 86.06 points.
LIVE CATTLE:
The live cattle complex is keeping with Monday's higher trend as all of the live cattle contracts continue to trade higher. The cash cattle complex hasn't been able to add any additional support at this time given that no cattle have sold yet, but with the board's encouragement, there's a chance that cattle trade at least steady this week. Bids and asking prices remain elusive at this point, and it's not likely that any trade will develop ahead of Wednesday. August live cattle are up $1.40 at $185.32, October live cattle are up $0.92 at $185.52 and December live cattle are up $0.77 at $186.80.
Boxed beef prices are mixed: choice up $0.35 ($313.79) and select down $0.18 ($298.15) with a movement of 83 loads (44.75 loads of choice, 22.70 loads of select, 7.65 loads of trim and 8.14 loads of ground beef).
FEEDER CATTLE:
With the live cattle complex trading higher and with feeder cattle demand remaining unbelievably strong in the countryside -- it's been an easy option for the feeder cattle contracts to decide to continue to trade higher thus far through Tuesday's trade. August feeders are up $1.72 at $258.02, September feeders are up $1.42 at $257.92 and October feeders are up $1.45 at $257.70. The spot August contract is close to reaching the market's 100-day and 40-day moving average points, which could add some technical resistance to the market, but at this point traders don't seem concerned with the nearing resistance plane.
LEAN HOGS:
The lean hog complex is once again celebrating as the market is keeping with its upward trend despite midmorning pork cutout values being slightly lower. Given that the trend in pork demand has shifted domestically as now consumers are showing more eagerness to pick up pork cuts at the retailor counter, traders are confidently advancing the market out of the hole it dug starting earlier this spring. August lean hogs are up $1.30 at $93.67, October lean hogs are up $1.27 at $77.25 and December lean hogs are up $1.35 at $69.32.
The projected lean hog index for 7/22/2024 is up $0.28 at $90.08, and the actual index for 7/19/2024 is up $0.09 at $89.80. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.66 with a weighted average price of $83.18, ranging from $79.50 to $85.00 on 1,282 head and a five-day rolling average of $83.84. Pork cutouts total 185.57 loads with 161.95 loads of pork cuts and 23.63 loads of trim. Pork cutout values: down $0.39, $104.13.
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