GENERAL COMMENTS:
The livestock complex is seeing mixed interest from traders as the feeder cattle market is still trading higher, but live cattle are mixed, and the lean hog complex is trading mostly lower into Wednesday's noon hour. Still, the cash cattle market hasn't seen any trade develop and it won't likely until Thursday or Friday. December corn is up 2 cents per bushel and December soybean meal is down $1.00. The Dow Jones Industrial Average is down 221.80 points.
LIVE CATTLE:
The live cattle complex is trading mostly higher into Wednesday's noon hour as traders continue to believe in the market's fundamental footing even though the cash cattle market has yet to trade this week. Because the cash cattle market hasn't shown its cards just yet, both the October and December 2024 contracts are trading slightly lower, but besides those two contracts, the market is trading fully higher. Asking prices have been noted at $185 in the South, but no bids have surfaced from packers, and it's assumed at this point that no trade will develop until Thursday or Friday. Packers and feedlot managers will again go toe-to-toe this week as both want different outcomes for this week's market. October live cattle are down $0.35 at $182.85, December live cattle are down $0.07 at $184.32 and February live cattle are up $0.02 at $185.45.
Boxed beef prices are lower: choice down $0.88 ($301.01) and select down $1.64 ($285.23) with a movement of 94 loads (60.74 loads of choice, 11.76 loads of select, 9.04 loads of trim and 12.60 loads of ground beef).
FEEDER CATTLE:
Even though the live cattle complex is trading mixed with its nearby contracts pulling back slightly while the deferred contracts continue to rally, the feeder cattle market seems unphased as its contracts rally with no concern. October feeders are up $0.45 at $246.25, November feeders are up $0.95 at $244.35 and January feeders are up $0.70 at $238.82. And with the market in no immediate fear of reaching any resistance pressure, the complex should be able to continue its upward trend thanks to the added support of continued strong buyer demand in the countryside.
LEAN HOGS:
Just as expected, the lean hog market is pulling back ever so slightly as traders note the release of Thursday's Quarterly Hogs and Pigs Report. And it's likely that this sheepish, uncertain tone could linger throughout the hog complex until Friday after traders have time to process the USDA's report. Yes, midday pork cutout values are slightly higher, but given that consumer demand hasn't been all that supportive throughout the earlier part of the week, traders aren't seeming to put too much clout in today's midday morning up of $0.36. October lean hogs are up $0.22 at $82.35, December lean hogs are down $0.35 at $74.62 and February lean hogs are down $0.27 at $78.40.
The projected lean hog index for 9/24/2024 is down $0.16 at $84.05, and the actual index for 9/23/2024 is down $0.08 at $84.21. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.39 with a weighted average price of $76.33, ranging from $72.00 to $80.00 on 4,201 head and a five-day rolling average of $76.23. Pork cutouts total 175.71 loads with 148.41 loads of pork cuts and 27.31 loads of trim. Pork cutout values: up $0.36, $94.32.
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