Tuesday Midday Livestock Market Summary - Traders Keep Pushing the Cattle Contracts

GENERAL COMMENTS:

The cattle complex continues to trade higher as traders remain hopeful that even though there's a Cattle on Feed report set to be released on Friday, that fundamental support will prevail still through this week's fed cash cattle market. No cash cattle trade has developed yet and both bids and asking prices remain elusive at this point. December corn is down 5 3/4 cents per bushel and December soybean meal is down $5.50. The Dow Jones Industrial Average is up 441.99 points and the NASDAQ is up 14.90 points.

LIVE CATTLE:

Although the live cattle complex opened hesitantly, the market is back to rallying as traders have regained hope that the week's fundamental support will improve as the week traders onward. It is also helpful for the time being as traders wait for something to develop in the fed cash cattle market that Tuesday's midday boxed beef prices are higher. October live cattle are up $1.75 at $229.25, December live cattle are up $1.75 at $229.77 and February live cattle are up $1.75 at $232.67. No trade has developed yet in the fed cash cattle market, and both bids and asking prices remain elusive at this point. Trade will likely be delayed until Thursday or Friday.

Boxed beef prices are higher: choice up $2.56 ($374.14) and select up $1.77 ($361.68) with a movement of 59 loads (37.41 loads of choice, 6.15 loads of select, 6.47 loads of trim and 9.02 loads of ground beef).

FEEDER CATTLE:

And upon seeing the live cattle complex trade higher, the feeder cattle market hasn't wasted any time following the live cattle market's direction. October feeders are up $0.20 at $344.62, November feeders are up $1.47 at $345.40 and January feeders are up $1.95 at $341.87. And thankfully both last week and at the start of this week, the board's stronger nature has helped encourage higher prices at sale barns across the country.

LEAN HOGS:

And although midday pork cutout values are up slightly, the lean hog complex remains hesitant and it's not confident about the market's fundamentals at this point. December lean hogs are up $0.50 at $66.85, February lean hogs are up $0.27 at $68.92 and April lean hogs are down $0.05 at $73.80. The projected lean hog index for Oct. 19 is down $0.38 at $73.02 and the actual index for Oct. 16 is down $0.79 at $73.40. Hog prices are lower on the Daily Direct Morning Hog report, down $5.85 with a weighted average price of $66.14, ranging from $59 to $75 on 4,205 head and a five-day rolling average of $68.23. Pork cutouts total 149.46 loads with 137.93 loads of pork cuts and 11.53 loads of trim. Pork cutout values: up $1.17, $80.56.