GENERAL COMMENTS:
Heading into Tuesday's noon hour the livestock complex is trading mixed as the cattle complex is back to trading slightly higher, but the hog contracts are continuing to drift lower. More than anything the market seems on edge as the country waits to see how today's U.S. presidential election pans out. December corn is up 2 1/2 cents per bushel and December soybean meal is up $0.70. The Dow Jones Industrial Average is up 381.17 points.
LIVE CATTLE:
The live cattle complex is back to trading modestly higher as the market has noted the stronger position of the equity market and is seeming slightly less overwhelmed than it did on Monday. However, even though the complex is trading mildly higher, it's likely that the majority of this week's trade will be back and forth regardless of who wins the election. Still no cash cattle trade has developed, and it's likely that we won't see much trade develop until Wednesday or Thursday. December live cattle are up $0.27 at $185.35, February live cattle are up $0.40 at $186.32 and April live cattle are up $0.35 at $187.22.
Boxed beef prices are mixed: choice up $1.77 ($318.68) and select down $0.44 ($286.72) with a movement of 70 loads (36.56 loads of choice, 20.88 loads of select, zero loads of trim and 12.88 loads of ground beef).
FEEDER CATTLE:
Upon seeing the live cattle complex trading higher, it was an easy decision for traders to allow the feeder cattle market to follow suit. November feeders are up $0.65 at $247.00, January feeders are up $0.82 at $243.27 and March feeders are up $0.65 at $240.90. Thankfully today's slight recover following Monday's lower descend has allowed the spot January contract to move further away from the market's 40-day moving average, but the market still doesn't possess enough support to break above the 100-day moving average at this point.
LEAN HOGS:
The lean hog complex is continuing to trade lower into Tuesday's noon hour as the market braces for whatever may come of this election. Aside from waiting anxiously to see who the next U.S. president will be, the hog complex is also having to monitor the Mexican peso as they're one of the top buyers of U.S. pork. Thankfully, midday pork cutout values are higher which is always a positive fundamental sign, but at this point traders are opting to keep an arms distance from the hog complex. December lean hogs are down $1.62 at $81.60, February lean hogs are down $0.82 at $84.50 and April lean hogs are down $0.57 at $88.02.
The projected lean hog index for 11/4/2024 is up $0.41 at $89.79, and the actual index for 11/1/2024 is up $0.82 at $89.38. Hog prices on the Daily Direct Morning Hog Report average $82.39, ranging from $77.75 to 85.00 on 1,630 head and a five-day rolling average of $84.51. Pork cutouts total 156.61 loads with 114.64 loads of pork cuts and 41.98 loads of trim. Pork cutout values: up $0.81, $104.78.
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