GENERAL COMMENTS:
The livestock complex is trading with slightly higher tones as Thursday's afternoon approaches. The cash cattle market has seen a few sales develop here and there, but largely the market hasn't seen a set price established in either region yet. December corn is down 4 cents per bushel and December soybean meal is up $8.40. The Dow Jones Industrial Average is down 177.31 points.
LIVE CATTLE:
The live cattle complex is trading higher into Thursday's noon hour as traders consciously keep the market trading merely sideways as they wait for cash cattle trade to develop. The market saw and handful of cattle traded in Iowa late Wednesday afternoon for $295 live and $185 to $186 dressed, and this morning a light (extremely light) volume of cattle sold in Nebraska at $292 which is $3.00 lower than last week's weighted average. Asking prices in the South remain firm at $180 to $182 and in the North at $294 plus. More business will likely develop throughout the day, and at this point, steady to slightly weaker tones seem to summarize the market's early trades. October live cattle are up $0.40 at $179.07, December live cattle are up $0.20 at $183.10.
Beef net sales of 11,400 mt for 2023 were down 25% from the previous week and 28% from the prior 4-week average. The three primary buyers were South Korea (4,200 mt), Japan (2,300 mt) and Hong Kong (1,300 mt).
Boxed beef prices are higher: choice up $0.16 ($317.21) and select up $0.50 ($292.09) with a movement of 60 loads (31.90 loads of choice, 15.46 loads of select, 3.40 loads of trim and 9.07 loads of ground beef).
FEEDER CATTLE:
With corn prices again trading lower and the live cattle contracts pushing higher prices into Thursday's noon hour, the feeder cattle complex is seeing ample signs of support which is why the complex is trading higher. September feeders are up $1.05 at $249.62, October feeders are up $1.20 at $252.07 and November feeders are up $1.17 at $253.17. Hot temperatures this week are affecting cattle and are stressful on all classes, and some sale barns are noting that again this year buyers are buying unweaned calves without a vaccination protocol at a discount compared to the rest of the market.
LEAN HOGS:
The lean hog complex is chopping sideways as traders throw mixed interest toward the market. At this point, it seems as if traders want to respect the support plane around $78.00 as they're advancing the market despite pork demand continuing to remain in question. October lean hogs are up $0.75 at $79.30, December lean hogs are up $0.22 at $71.30 and February lean hogs are up $0.12 at $75.50. Our Southern neighbor (Mexico) was an aggressive buyer this past week which helped boost this week's export sales data.
The projected lean hog index for 8/23/2023 is down $0.97 at $96.40, and the actual index for 8/22/2023 is down $0.67 at $97.37. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.15 with a weighted average price of $87.85, ranging from $82.00 to $89.50 on 2,582 head and five-day rolling average of $89.79. Pork cutouts total 139.31 loads with 114.82 loads of pork cuts and 24.49 loads of trim. Pork cutout values: up $3.38, $104.17.
Pork net sales of 33,000 mt for 2023 were up 15% from the previous week and 40% from the prior 4-week average. The three primary buyers were Mexico (18,000 mt), South Korea (5,800 mt) and Colombia (3,300 mt).
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