GENERAL COMMENTS:
Thankfully, Friday's been fruitful for the livestock complex as the contracts are mostly trading higher into Friday's noon hour. Still more cash cattle trade needs to develop and early this afternoon U.S. Ag Secretary Brooke Rollins will be giving an update on New World screwworm. December corn is up 6 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is up 107.60 points and NASDAQ is down 112.01 points.
**Please note that early this afternoon, U.S. Ag Secretary Brooke Rollins is supposed to make a big announcement regarding New World screwworm. DTN will post comments around her announcement shortly after her remarks are made, so stay tuned.
LIVE CATTLE:
The live cattle complex is back to rallying as traders are hopeful that the fed cash cattle market will indeed see higher prices in both regions this week. There's been a thin movement of cattle traded in the North at mostly $384 to $386, which is $3.00 to $5.00 higher than last week's weighted average, but no trade has developed yet in the South. Asking prices remain firm in the South at $237 plus, and there are bids currently on the table in Texas at $233, but again, no Southern live cattle have traded yet. Even so, traders are hopeful that the market will continue to see fundamental support, which is mainly why the contracts are trading higher into Friday's noon hour. October live cattle are up $2.62 at $229.45, December live cattle are up $2.25 at $230.65 and February live cattle are up $1.97 at $231.22. The market is subject to some technical pressure as there's some resistance at $230 in the spot October contract. Plus, it's helpful that boxed beef prices are rallying noticeably again today.
Boxed beef prices are higher: choice up $6.02 ($399.81) and select up $1.23 ($368.11) with a movement of 77 loads (60.51 loads of choice, 9.04 loads of select, zero loads of trim and 7.41 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex was worried at the start of Friday's complex that the day's trade may be pressured like it was on Thursday. But thankfully, upon seeing the live cattle contracts trading higher, even the feeder cattle contracts are trading stronger into Friday's noon hour. September feeders are up $3.87 at $344.90, October feeders are up $2.82 at $343.35 and November feeders are up $1.95 at $340.57. This afternoon's announcement from Ag Secretary Brooke Rollins is likely to greatly impact the feeder cattle complex, so stay tuned.
LEAN HOGS:
At last, the lean hog complex is trading higher as the market has finally seemed to find some technical support, which is helping rally the contracts and the strong uptick in pork demand this morning is helping too. October lean hogs are up $1.12 at $90.25, December lean hogs are up $1.50 at $83.12 and February lean hogs are up $1.47 at $85.70. The $14.87 rally in the belly is the biggest reason why the carcass price is higher, but every single one of the major cuts are trading higher and advancements of $2.00 to $5.00 are the norm this morning.
The projected lean hog index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.25 with a weighted average price of $108.33, ranging from $98.00 to $113.50 on 1,732 head and a five-day rolling average of $109.77. Pork cutouts total 301.36 loads with 289.04 loads of pork cuts and 12.32 loads of trim. Pork cutout values: up $5.68, $120.86.
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