GENERAL COMMENTS:
The livestock complex is mostly lower as the market simply cannot gain support from traders at this point. Even though boxed beef prices and pork cutout values are higher, traders remain extremely cautious when handling the livestock market. December corn is down 6 1/4 cents per bushel and December soybean meal is down $3.80. The Dow Jones Industrial Average is up 34.25 points.
LIVE CATTLE:
Even though boxed beef prices are higher, the live cattle complex is trading lower into Tuesday's noon hour as traders seem simply unwilling to take on the resistance formed last week. August live cattle are steady at $186.97, October live cattle are down $0.17 at $186.60 and December live cattle are down $0.12 at $187.55. No bids or asking prices have surfaced yet and it's likely the cash cattle market waits to trade until after Wednesday at some point. It's most likely prices will be best seen at steady following last week's $2.00 advancement.
Boxed beef prices are higher: choice up $0.91 ($315.72) and select up $1.84 ($303.36) with a movement of 54 loads (32.76 loads of choice, 9.21 loads of select, 4.57 loads of trim and 7.90 loads of ground beef).
FEEDER CATTLE:
With the live cattle contracts trading lower, it's somewhat expected at this point that feeders would only be trading lower too as traders seem somewhat unwilling to given credit and merit to the demand in the countryside for feeders, and only seem concerned with the board's behavior. August feeders are down $0.10 at $256.32, September feeders are down $0.05 at $256.02 and October feeders are down $0.25 at $254.95. Unless the fed cash cattle market is able to trade cattle steady to somewhat higher later this week, the feeder cattle complex could continue with this steady/somewhat lower trend.
LEAN HOGS:
The lean hog complex continues to pace back and forth, trying to determine what direction is best for the market this week. As Tuesday noon approaches, the market remains mixed with just the August and October 2024 contracts trading slightly higher while the rest of the contracts trade mildly lower. It's somewhat helpful that midday pork cutout values are higher but seeing cash prices down over $4.00 was a bit surprising given that packers hardly bought any hogs at all in Monday's cash market. August lean hogs are up $0.12 at $91.57, October lean hogs are up $0.07 at $74.90 and December lean hogs are down $0.20 at $67.65.
The projected CME Lean Hog Index for 7/29/2024 is up $0.30 at $92.59, and the actual index for 7/26/2024 is up $0.44 at $92.29. Hog prices are lower on the Daily Direct Morning Hog Report, down $4.48 with a weighted average price of $79.68, ranging from $75.00 to $85.00 on 1,113 head and a five-day rolling average of $82.93. Pork cutouts total 164.65 loads with 140.76 loads of pork cuts and 23.89 loads of trim. Pork cutout values: up $0.14, $106.92.
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