GENERAL COMMENTS:
The livestock complex closed mixed Wednesday afternoon as again trader confidence remains a key issue for the complex right now. Thursday's export report could help the market if supportive sales are noted. December corn is down 4 1/2 cents per bushel and December soybean meal is down $8.30. The Dow Jones Industrial Average is down 234.21 points.
LIVE CATTLE:
The oddness continues for the live cattle complex as thankfully traders were able to move the live cattle contracts slightly higher throughout the day, but the cash cattle market saw mixed sales. There were a handful of cattle traded in Kansas for $187 to $190.50, which is $2.00 lower to $2.00 higher than last week's weighted average -- but what's especially odd for the cash market was to see that some early sales were reported in Nebraska at $305 which is $5.00 lower than last week's weighted average. One would logically think that if Southern live cattle were trading mixed (some higher, some lower), Northern cattle should be able to do the same, especially given that it's still extremely early in the week for cash sales to be reported. But nevertheless, some light sales were reported in both regions on Wednesday afternoon. For cattle left to sell, Southern asking prices are firm at $188 to $190, and $308 dressed for Northern cattle.
Wednesday's slaughter is estimated at 122,000 head -- steady with a week and a year ago.
Boxed beef prices closed lower: choice down $1.96 ($313.85) and select down $0.79 ($298.83) with a movement of 128 loads (84.57 loads of choice, 23.53 loads of select, 5.51 loads of trim and 14.03 loads of ground beef).
THURSDAY'S CATTLE CALL: Steady. I'd like to think that some Northern feedlots will be able to trade cattle a little better late in the week, but with some feedlots letting dressed cattle already trade for $5.00 cheaper, that's a lot to wish for.
FEEDER CATTLE:
The feeder cattle complex closed lower yet again as the market simply cannot gain any footing following Monday's tumultuous fall. August feeders closed $0.37 lower at $242.62, September feeders closed $1.67 lower at $238.90 and October feeders closed $0.90 lower at $238.12. At Bassett Livestock Auction in Bassett, Nebraska compared to their last sale two weeks ago, steers weighing 900 to 1,000 pounds traded $7.00 to $8.00 lower, and there wasn't a good comparison on heifers. Feeder cattle supply over 600 pounds was 98%. The CME feeder cattle index 8/6/2024: down $0.63, $254.72.
LEAN HOGS:
The lean hog complex continued to chop sideways throughout Wednesday's afternoon as the market received mixed fundamental support and traders didn't show enough interest in the market to safely justify trading the complex higher. August lean hogs closed $0.67 lower at $90.60, October lean hogs closed $1.82 lower at $74.57 and December lean hogs closed $1.87 lower 67.07. The belly's $7.62 decline was the biggest contributor to today's lower carcass price, but all in all the carcass price was going to close lower regardless as the ham was the only cut able to close slightly higher (up just $0.18 this afternoon). Hog prices closed $0.04 higher at $85.92 on 6,016 head. Pork cutouts totaled 314.95 loads with 288.58 loads of pork cuts and 26.37 loads of trim. Pork cutout values: down $1.99, $100.32. Wednesday's slaughter is estimated at 481,000 head -- steady with a week ago and 12,000 head more than a year ago. The lean hog index 8/5/2024: down $0.26, $93.33.
THURSDAY'S HOG CALL: Lower. With packers showing a tick more interest in Wednesday's cash market it likely means that they're down buying for the week now.
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