GENERAL COMMENTS:
All in all, it's been a prosperous day for the livestock complex as all three of the markets are trading higher into Friday's noon hour. No new cash cattle sales have been reported as the bulk of the week's trade is done with. If any more sales are reported this afternoon, they'll likely be steady with the week's trend. December corn is up 3 3/4 cents per bushel and December soybean meal is up $0.90. The Dow Jones Industrial Average is down 140.33 points.
LIVE CATTLE:
Even after closing slightly lower Thursday afternoon, the live cattle complex has mildly recovered and is pushing all its contracts higher into Friday's noon hour. Why, you ask? Well at this point it seems as though the market is being pulled between two different realities. On one hand, traders currently seem willing to advance the complex, although they aren't confident enough to break beyond nearby resistance. On the other hand, the other reality points to weakened fed cash cattle prices and the mixed nature of the boxed beef complex right now. Which leaves the live cattle complex trading in a choppy, sideways manner as the bulls and the bears continue to fight in this market. October live cattle are up $1.45 at $179.32, December live cattle are up $1.60 at $178.30, and February live cattle are up $1.55 at $178.95. No new cash cattle sales have been reported yet Friday as it looks like the bulk of the week's trade is essentially complete.
Boxed beef prices are higher: choice up $0.61 ($309.27) and select up $1.30 ($297.49) with a movement of 66 loads (40.29 loads of choice, 8.82 loads of select, 10.25 loads of trim and 6.15 loads of ground beef).
FEEDER CATTLE:
Seeing the feeder cattle complex trade higher comes as no surprise right now as the market is nearly a mirror of whatever the live cattle complex does currently. And so, with the green go-ahead from the live cattle market, the feeder cattle complex also is rallying into Friday's noon hour. September feeders are up $2.25 at $241.75, October feeders are up $1.87 at $238.47 and November feeders are up $1.42 at $235.85.
LEAN HOGS:
The lean hog complex is leaning into Friday's noon hour fully higher as the market sees substantial enough support from traders and is pleased to see midday pork cutout values higher. It's been an exceptional week for the hog complex as the market has been able to advance its position to the highest point traded since May. October lean hogs are up $0.72 at $82.90, December lean hogs are up $0.52 at $73.10, and February lean hogs are up $0.50 at $75.50.
The projected CME Lean Hog Index for 8/29/2024 is down $0.58 at $86.47, and the actual index for 8/28/2024 is down $0.41 at $87.04. Hog prices on the Daily Direct Average $76.78, ranging from $75.00 to $78.50 on 1,106 head and a five-day rolling average of $78.73. Pork cutouts total 189.47 loads with 167.93 loads of pork cuts and 21.54 loads of trim. Pork cutout values: up $1.52, $97.41.
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