GENERAL COMMENTS:
It's a slow and dreary day for the livestock complex as traders aren't chomping at the bit to make anything happen. No cash cattle trade has developed and asking prices still haven't been disclosed. December corn is up 3 cents per bushel and December soybean meal is up $2.80. The Dow Jones Industrial Average is down 315.09 points.
LIVE CATTLE:
The live cattle complex is again mostly lower as traders patiently wait to see how this week's cash cattle market plays out. It's anyone's guess as to how prices will fare this week as, yes supplies are thin, but packers were able to get cattle bought and committed to the deferred delivery option both last week and the week before. No bids or asking prices have been noted at this point, and really, until sometime Thursday or potentially even until Friday, it's unlikely any business develops. August live cattle are up $0.25 at $179.95, October live cattle are down $0.27 at $181.15 and December live cattle are down $).52 at $185.25.
Boxed beef prices are higher: choice up $0.94 ($302.43) and select up $1.97 ($276.98) with a movement of 77 loads (48.41 loads of choice, 13.06 loads of select, 8.34 loads of trim and 7.04 loads of ground beef).
FEEDER CATTLE:
With corn prices trading positively, the feeder cattle complex is again trading hesitantly and lower. August feeders are down $1.35 at $245.62, September feeders are down $1.67 at $249.20 and October feeders are down $1.95 at $250.95. Without the support of a higher trading live cattle complex, traders could keep with this lower ascend through Tuesday's market especially given that corn prices are trading slightly higher.
LEAN HOGS:
After rallying throughout Monday's market, the lean hog complex is now lower as traders again dance around resistance at $85.00. Traders are going to want to see better support of pork cutout values if they're going to advance the market beyond resistance, but cash prices are seeing better interest than Monday saw. October lean hogs are down $0.82 at $84.00, December lean hogs are down $0.80 at $76.22 and February lean hogs are down $0.87 at $79.95.
The projected CME Lean Hog Index for 8/7/2023 is down $0.46 at $104.58, and the actual index for 8/4/2023 is down $0.43 at $105.04. Hog prices on the Daily Direct Morning Hog Report average $100.32, ranging from $93.00 to $104.00 on 5,546 head with a five-day rolling average of $101.24. Pork cutouts total 176.31 loads with 155.48 loads of pork cuts and 20.84 loads of trim. Pork cutout values: down $2.90, $112.41.
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