The livestock complex is again trading mixed with the cattle contracts continuing to trade lower as traders yearn for further fundamental support, but the lean hog complex has found some mild technical support. Bids of $345 to $348 are currently on the table in Nebraska but no trade has developed yet. December corn is down 5 1/2 cents per bushel and December soybean meal is down $1.10. The Dow Jones Industrial Average is down 47.54 points and the NASDAQ is up 179.47 points.
LIVE CATTLE:The live cattle complex continues to drift lower as traders remain apprehensive about advancing the market without seeing stronger fundamental support. And while it's assumed that later this week the fed cash cattle market could trade higher -- traders know better than to count their eggs before they hatch. October live cattle are down $0.62 at $220.10, December live cattle are down $1.55 at $221.80 and February live cattle are down $1.92 at $222.75. The fed cash cattle market has seen some interest develop as currently bids of $345 to $348 are being offered in Nebraska -- but otherwise the market remains quiet, with no other bids being offered. Asking prices still remain unestablished, and although bids are on the table in Nebraska -- with feedlot managers desiring to see the market trade higher again this week -- it's likely that trade will be delayed until later in the week.
Boxed beef prices lower: choice down $0.03 ($376.05) and select down $0.59 ($355.77) with a movement of 65 loads (35.33 loads of choice, 7.09 loads of select, 13.65 loads of trim and 9.26 loads of ground beef).
FEEDER CATTLE:And again today in keeping with alignment to the live cattle complex -- the feeder cattle contracts are also trading lower. September feeders are up $0.45 at $340.72, October feeders are down $1.35 at $332.50 and November feeders are down $3.02 at $325.87. Thankfully demand remained strong in sale barns on Tuesday even though the futures complex was slightly weaker -- and hopefully that remains the case again today even as the board continues to be pressured.
LEAN HOGS :The lean hog complex is trading mixed as traders have found some technical support following the recent trading days of immense pressure. October lean hogs are down $0.07 at $79.00, December lean hogs are up $0.50 at $70.15 and February lean hogs are up $0.02 at $71.92. It is helpful that the midday pork cutout values are up over a $1.00 higher -- but in order for that to lend much value to the market -- it will need to trade consistently over the course of multiple days. Pork cutouts total 201.81 loads with 177.09 loads of pork cuts and 24.72 loads of trim. Pork cutout values: up $1.48, $88.98. Hog prices are lower on the Daily Direct Morning Hog Report, down $2.37 with a weighted average price of $82.92, ranging from $81.00 to $84.00 on 4,491 head and a five-day rolling average of $84.24.
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