The livestock complex is again trading mixed as the feeder cattle complex inches higher, but both the live cattle and lean hog contracts are trading lower. Still no bids or asking prices have been noted in the fed cash cattle market. December corn is down 1 1/4 cents per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is down 121.73 points and the NASDAQ is down 116.81 points.
LIVE CATTLE:With the equity markets trading lower, it comes as no real surprise that the live cattle complex is also trading lower, as the market's support isn't significant enough to look beyond the additional concerns. October live cattle are up $0.05 at $231.92, December live cattle are down $0.40 at $236.27 and February live cattle are down $0.45 at $239.17. Currently, the spot December live cattle contract is still trading above the market's 40-day moving average, which remains a positive gesture and something to continue to monitor through the day's end. It is worth noting as well that today midday boxed beef prices are higher again, which could be beginning to signal that seasonal boxed beef demand is improving. Still no developments have surfaced in the fed cash cattle market, and trade will likely be delayed until sometime after Wednesday.
Boxed beef prices are higher: choice up $1.19 ($364.53) and select up $0.94 ($348.91) with a movement of 86 loads (49.27 loads of choice, 20.89 loads of select, zero loads of trim and 16.15 loads of ground beef).
FEEDER CATTLE:The live cattle complex may be feeling the pressure of the equity market's lower trend. Still, the feeder cattle complex is continuing to trade higher into Tuesday's noon hour as traders look at the demand that was found in Monday's feeder cattle sales as a positive factor, and the continued uptick in beef demand to be enough support to justify pushing the contracts higher for now. October feeders are up $0.97 at $363.37, November feeders are up $1.02 at $361.82 and January feeders are up $1.37 at $356.57. The market will soon reach resistance levels, which could turn the market softer if traders don't believe they possess enough support to break beyond that threshold.
LEAN HOGS:It's somewhat surprising to see the lean hog complex trading lower, as the market has better pork demand currently and is no longer up against immediate resistance pressure. December lean hogs are down $1.00 at $86.27, February lean hogs are down $1.12 at $88.42 and April lean hogs are down $0.80 at $91.60. The morning's weakness in the futures complex could partly be because traders noted the decline of packer interest in this morning's cash market, but otherwise, there's been no significant change in the complex.
The projected lean hog index for 10/6/2025 is down $0.60 at $101.42 and the actual index for 10/3/2025 is down $0.82 at $102.02. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 1,165 head have traded this morning and that the market's five-day rolling average now sits at $98.80. Pork cutouts total 181.70 loads with 148.73 loads of pork cuts and 32.97 loads of trim. Pork cutout values: up $1.51, $108.86.
No comments:
Post a Comment