GENERAL COMMENTS:
The livestock complex is trading mixed as hogs are pushing higher while the cattle complex remains hesitant. Showlists appear to be mixed this week, with there being fewer cattle available in Texas, Nebraska and Colorado, but slightly more available in Kansas. December corn is down 2 3/4 cents per bushel and December soybean meal is down $8.50. The Dow Jones Industrial Average is up 360.45 points.
LIVE CATTLE:
The live cattle complex is trading mostly steady with Friday's close as traders sit back and wait to see what develops fundamentally this week. With cash cattle prices again being able to trade higher last week, the underlying bullish nature of the market remains intact and strong, but traders also know that packers are going to be reluctant to making anything easy for feedlots this week as they continue to manage thin margins. August live cattle are down $0.50 at $180.40, October live cattle are down $1.10 at $181.82 and December live cattle are down $0.95 at $186.10. Showlists appear to be mixed this week, with there being fewer cattle available in Texas, Nebraska and Colorado, but slightly more available in Kansas.
Last week Northern dressed cattle traded for $292 to $297, but mostly at $295, which is $1.50 higher than last week's weighted average. Southern live cattle traded for mostly $180, which is $1.00 higher than the previous week's weighted average.
Boxed beef prices are mixed: choice steady ($301.79) and select down $1.59 ($274.89) with a movement of 43 loads (20.63 loads of choice, 13.84 loads of select, zero loads of trim and 8.67 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is being timid thus far in Monday's trade as traders note the decline in corn prices but continue to keep the feeder cattle contracts trending lower despite the corn market's retreat. Last week, the feeder cattle complex climbed to new contract highs as demand from buyers in the countryside has been truly unprecedented and the market's limited supply continue to paint a favorable outlook for cow-calf producers. August feeders are down $1.35 at $248.17, September feeders are down $1.07 at $252.45 and October feeders are down $0.95 at $254.47.
LEAN HOGS:
With corn prices trending lower, the lean hog complex is finding an opportunity in Monday's market to trade higher. The market traded lower late last week after not being able to sustain and thrive above the resistance at $85.00 but given the support of the market early Monday morning, traders are back to testing that threshold. October lean hogs are up $2.40 at $85.47, December lean hogs are up $1.70 at $77.00 and February lean hogs are up $1.12 at $80.32.
The projected lean hog index for Aug. 4 is down $0.43 at $105.04, and the actual index for Aug. 3 is down $0.39 at $105.47. Hog prices are unavailable on the Daily Direct Morning Hog Report due to confidentiality. However, we can still see that 747 head have traded and that $103.46. Pork cutouts total 110.93 loads with 87.57 loads of pork cuts and 23.36 loads of trim. Pork cutout values: up $1.93, $115.62.
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