GENERAL COMMENTS:
Following the three-day weekend, the livestock complex is trading fully higher as traders are eager to jump back into the marketplace. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas. December corn is up 8 3/4 cents per bushel and December soybean meal is up $10.30. The Dow Jones Industrial Average is down 437.42 points.
LIVE CATTLE:
Coming back from the long Labor Day weekend the live cattle complex is met with ample trader support and by higher midday boxed beef prices which is helping rally the market. It will be especially interesting to see how the spot October contract closes as the market is up against nearby resistance at $180, and then will again be up against resistance at the market's 100-day moving average. October live cattle are up $1.32 at $179.92, December live cattle are up $1.57 at $179.12 and February live cattle are up $1.30 at $179.82. The cash cattle market won't likely trade until Thursday or Friday but if the board remains supportive and boxed beef prices show stable consumer interest then there's a chase to be made that cash prices could trade steady this week -- especially if packers run slightly faster chain speeds. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas.
Last week Southern live cattle traded at mostly $182 to $183 which is steady to $1.00 lower than the previous week's weighted average. Northern dressed cattle traded at mostly $290 to $292 which is $2.00 to $4.00 lower than the previous week's weighted average.
Boxed beef prices are higher: choice up $2.14 ($311.48) and select up $3.80 ($299.62) with a movement of 39 loads (24.25 loads of choice, 6.15 loads of select, zero loads of trim and 8.40 loads of ground beef).
FEEDER CATTLE:
Again, this week the feeder cattle complex is trading in the live cattle market's shadow, closely following whatever moves it makes. Thankfully for cattlemen's sake, the market is trading higher into Tuesday's noon hour and so long as nothing rattles the live cattle market's upward trend, the market should be able to keep its higher trend through closing. September feeders are up $1.22 at $241.70, October feeders are up $2.05 at $239.80 and November feeders are up $1.50 at $236.75.
LEAN HOGS:
Once again, the lean hog market is rocking and rolling as the complex has elected to keep with its upward trend following the long three-day weekend. But with midday pork cutout values higher, traders see no reason why they shouldn't continue to advance the market if demand is going to be plentiful. October lean hogs are up $0.12 at $82.35, December lean hogs are up $0.37 at $73.15 and February lean hogs are up $0.42 at $75.80.
The projected lean hog index is delayed from the source. Hog prices are unavailable on the Daily Direct Morning Hog Report due to packer submission issues. Pork cutouts total 134.43 loads with 119.28 loads of pork cuts and 15.15 loads of trim. Pork cutout values: up $3.22, $100.45.
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