GENERAL COMMENTS:
The livestock complex is trading mixed into Tuesday's noon hour as the hog complex has been able to shake Monday's craziness, but cattle remain cautious. No cash cattle sales have been reported yet and trade is likely to be delayed until Wednesday or later this week. December corn is down 1/2 cent per bushel and December soybean meal is down $1.20. The Dow Jones Industrial Average is up 484.28 points.
LIVE CATTLE:
The live cattle complex attempted to trade higher earlier Tuesday morning but as the market nears the noon hour, traders haven't found enough support in Tuesday's market to garnish a full-fledged higher move. August live cattle are up $0.27 at $181.82, October live cattle are down $0.87 at $178.17, and December live cattle are down $0.62 at $177.62. Nothing substantial has developed fundamentally as no asking prices or cash sales have been noted yet, and boxed beef prices are lower at midday. So at this point, traders continue to focus on external pressures and whether or not the market's nervousness is settling or if anxiousness remains. The cash cattle market won't likely trade until Wednesday at the absolute earliest.
Boxed beef prices are lower: choice down $2.25 ($315.69) and select down $0.42 ($299.64) with a movement of 106 loads (63.56 loads of choice, 18.63 loads of select, 8.62 loads of trim and 14.75 loads of ground beef).
FEEDER CATTLE:
After plummeting stanchly lower through Monday's market, the feeder cattle complex is still trading lower, but its losses are nothing like what Monday's market endured. August feeders are down $1.12 at $242.87, September feeders are down $0.87 at $240.42 and October feeders are down $0.72 at $238.50. And while cattlemen are thankful that the market isn't having the meltdown like it had Monday, they continue to hope and pray that technical support stabilizes so that the market can attempt to recover.
LEAN HOGS:
The lean hog complex has been able to shake Monday's frantic nature as its entire market is trading higher into Tuesday's noon hour. August lean hogs are up $0.60 at $91.75, October lean hogs are up $1.45 at $77.17, and December lean hogs are up $0.95 at $69.55. With the cash market having found essentially no packer interest yet in this week's market, traders have been relying on pork cutout values and technical support to justify the market's higher tone. Both the belly and the ham are posting significant gains over Monday's prices (up over $3.00 each) which may remain constant in the afternoon's report and help the market maintain its strength ahead of closing.
The projected lean hog index for 8/5/2024 is down $0.26 at $93.33, and the actual index for 8/2/2024 is down $0.05 at $94.59. Hog prices are lower on the Daily Direct Morning Hog Report, down $3.08 with a weighted average price of $78.97, ranging from $76.00 to $85.00 on 138 head and a five-day rolling average of $85.60. Pork cutouts total 176.56 loads with 157.17 loads of pork cuts and 19.39 loads of trim. Pork cutout values: up $1.44, $105.72.
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