GENERAL COMMENTS:
Again, the livestock complex is trading mixed into Friday's noon hour as the cattle contracts are trading higher but the lean hog complex is mixed. No new cash cattle sales have been reported, and it's looking like the week's trade is essentially done with. December corn is down 1 1/4 cents per bushel and December soybean meal is down $4.90. The Dow Jones Industrial Average is down 61.97 points.
LIVE CATTLE:
It was a tough week for the live cattle complex, but for some reason, traders have elected to advance the market on Friday -- which is a pleasant sight for cattlemen who have been utterly stressed this past week. Part of the market's support could be stemming from the fact that midday boxed beef prices are higher, with choice cuts up $1.43 on the midday report. The cash cattle market hasn't seen any new sales reported, and at this point it's looking like the week's trade is essentially done with. So far this week, Southern live trade has been marked at mostly $186. $2 lower than the previous week's weighted averages, while Northern dressed sales have been at mostly $305 to $305, $4 to $5 lower than last week's weighted average basis Nebraska. August live cattle are up $2.10 at 184.15, October live cattle are up $2.62 at $180.65 and December live cattle are up $2.27 at $179.00.
Boxed beef prices are higher: choice up $1.43 ($313.55) and select up $0.84 ($298.87) with a movement of 59 loads (38.78 loads of choice, 10.07 loads of select, 4.54 loads of trim and 5.52 loads of ground beef).
FEEDER CATTLE:
Following all the pressure that sent the feeder cattle contracts trading lower throughout most of the week, oddly enough the complex is trading higher into Friday's noon hour. Why you ask? Good question because the market's fundamentals haven't changed much but it is helping matters that the live cattle complex is currently trading higher, and that midday boxed beef prices are higher too. All throughout the week, given all the position lost technical on the futures board, it is impressive that feeder cattle sales have remained as strong as they have amid the technical downspin. August feeders are up $3.72 at $246.10, September feeders are up $3.52 at $240.95 and October feeders are up $3.22 at $239.22.
LEAN HOGS:
The lean hog complex isn't as confident as the cattle complex is heading into Friday's noon hour as its market is currently trading mixed. August lean hogs are down $0.20 at $89.82, October lean hogs are up $0.27 at $73.92 and December lean hogs are up $0.32 at $66.20. Traders' hesitancy likely stems from the fact that consumer demand has been mixed this past week, and even though midday prices are higher today, packers would ideally like to see more consistency.
The projected lean hog index for 8/8/2024 is down $0.90 at $91.90, and the actual index for 8/7/2024 is down $0.30 at $92.80. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.14 with a weighted average price $83.70, ranging from $83.00 to $86.00 on 990 head and a five-day rolling average of $84.25. Pork cutouts total 175.70 loads with 158.19 loads of pork cuts and 17.51 loads of trim. Pork cutout values: up $1.05, $99.28.
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