GENERAL COMMENTS:
The livestock complex is trading mixed into Friday's noon hour as the hog and feeder cattle markets are rallying, but the live cattle complex isn't as easily motivated. A few more light sales have been reported in the South at $190, but it looks like the week's trade is done. December corn is up 1 cent per bushel and December soybean meal is down $5.20. The Dow Jones Industrial Average is up 457.80 points.
LIVE CATTLE:
The live cattle complex is again trading mixed into Friday's noon hour as the nearby contracts remain cautious while the deferred contracts continue to rally mildly. December live cattle are down $0.52 at $185.77, February live cattle are down $0.22 at $186.52 and April live cattle are up $0.12 at $187.47. The futures complex continues to remain uncertain about the market's immediate direction as traders continue to battle concerns that the market is technically overbought. With boxed beef prices trading slightly lower and cash prices this week being marked at steady to $3.00 lower -- the fundamental support, which could have eased some of the technical burden, didn't come to fruition. There have been a few more sales noted in Kansas at $190 which is fully steady with the rest of the week's business, but otherwise, the market sits idle as overall the vast majority of the week's trade seems to be done with. This week Southern live deals have been marked at mostly $190, generally steady with last week's weighted averages. Northern dressed sales have been mostly $296 to $298, steady to $3 lower than last week's weighted averages.
Boxed beef prices are lower: choice down $0.25 ($317.35) and select down $0.22 ($285.15) with a movement of 47 loads (23.44 loads of choice, 8.84 loads of select, 5.24 loads of trim and 9.96 loads of ground beef).
FEEDER CATTLE:
Although the live cattle complex is continuing to trade lower, the feeder cattle market is finding some late-week support as its market is trading fully higher into the noon hour. November feeders are up $1.10 at $246.47, January feeders are up $1.57 at $242.90 and March feeders are up $2.17 at $241.25. The spot January contract did at one point today run up and touch the market's 100-day moving average, but traders quickly backed the contract back below that threshold as there isn't quite enough support to in the market to boldly take on that resistance point just yet.
LEAN HOGS:
With the help of continued support from consumers, the lean hog complex is yet again rallying into the day's noon hour as traders maintain their efforts in advancing the complex. Yet again the market is reaching new contract highs in most of the nearby contracts as support remains incredible. Pork cutout values are higher on the morning report, but that's largely because of a $5.90 price jump in the belly. December lean hogs are up $0.90 at $84.70, February lean hogs are up $1.15 at $86.35 and April lean hogs are up $0.87 at $88.97.
The projected lean hog index is delayed from the source. Hog prices on the Daily Direct Morning Hog Report average $79.25, ranging from $75.00 to $83.00 on 637 head and a five-day rolling average of $85.15. Pork cutouts total 167.34 loads with 136.77 loads of pork cuts and 30.58 loads of trim. Pork cutout values: up $0.31, $103.46.
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