Tuesday Midday Livestock Market Update - Handful of Cattle Traded in Texas at $191

GENERAL COMMENTS:

It's been a mixed Tuesday morning for the livestock complex as the cattle contracts are trading higher, but the lean hog contracts are continuing to drift lower. The market support in the cattle sector seems to be widespread as both the live cattle and feeder cattle markets are rallying aggressively. A few cash cattle sales have been noted in Texas at $191, but as a whole, the market doesn't seem ready to trade just yet. March corn is up 4 1/4 cents per bushel and January soybean meal is up $1.20. The Dow Jones Industrial Average is up 31.17 points.

LIVE CATTLE:

Thus far it's been a vibrant and prosperous day for the live cattle complex as most of the contracts are trading anywhere from $1.00 to $2.00 higher. Tuesday's movement could be stemming from the strength of last week's cash cattle trade, which again successfully traded anywhere from steady to $2.00 higher. And to just as much of your surprise as mine, some light cash cattle sales have been already noted in Texas at $191, which is steady with last week's weighted average. December live cattle are up $2.15 at $189.95, February live cattle are up $2.05 at $189.07, and April live cattle are up $1.52 at $190.47. Asking prices for cattle in the South are noted at $192 but are still not noted in the North. And while a few sales have surfaced in the South, it's likely the bulk of this week's trade will be delayed until sometime after Wednesday.

Boxed beef prices are lower: choice down $2.17 ($311.97) and select down $0.04 ($279.30) with a movement of 71 loads (44.43 loads of choice, 9.13 loads of select, 5.39 loads of trim and 11.94 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex has sprung back into action as the market is pleased to see the added support of the live cattle market's higher trend. It has been exhausting for the feeder cattle complex to lead the technical surge for the cattle sector over the last month, so the added technical assurance of the live cattle market's higher trend has helped rejuvenate the momentum in the feeder cattle. January feeders are up $1.77 at $257.47, March feeders are up $2.22 at $257.42 and April feeders are up $2.47 at $258.72.

LEAN HOGS:

The lean hog complex is enduring some technical pressure as the market's support is failing amid continued pressure from a lack of consumer demand. And while the theme of pork prices is lower Tuesday morning all across all the cuts, the rib is the market's weak point as it alone fell $9.56. February lean hogs are down $2.10 at $84.40, April lean hogs are down $2.15 at $89.05 and June lean hogs are down $2.00 at $99.97.

The projected CME Lean Hog Index for 12/9/2024 is down $0.13 at $83.33, and the actual index for 12/6/2024 is down $0.27 at $83.46. Hog prices are lower on the Daily Direct Morning Hog Report, down $1.85 with a weighted average price of $80.58, ranging from $76.00 to $83.00 on 2,258 head and a five-day rolling average of $85.07. Pork cutouts total 212.28 loads with 181.77 loads of pork cuts and 30.51 loads of trim. Pork cutout values: down $0.89, $92.74.