DTN Midday Livestock Comments          08/30 11:42

   Friday Sends Livestock Complex Higher 

   Heading into Friday's noon hour, all three of the livestock markets are 
higher and, at this point, it looks like support is strong enough to carry the 
market higher through the close. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   All in all, it's been a prosperous day for the livestock complex as all 
three of the markets are trading higher into Friday's noon hour. No new cash 
cattle sales have been reported as the bulk of the week's trade is done with. 
If any more sales are reported this afternoon, they'll likely be steady with 
the week's trend. December corn is up 3 3/4 cents per bushel and December 
soybean meal is up $0.90. The Dow Jones Industrial Average is down 140.33 
points.

LIVE CATTLE:

   Even after closing slightly lower Thursday afternoon, the live cattle 
complex has mildly recovered and is pushing all its contracts higher into 
Friday's noon hour. Why, you ask? Well at this point it seems as though the 
market is being pulled between two different realities. On one hand, traders 
currently seem willing to advance the complex, although they aren't confident 
enough to break beyond nearby resistance. On the other hand, the other reality 
points to weakened fed cash cattle prices and the mixed nature of the boxed 
beef complex right now. Which leaves the live cattle complex trading in a 
choppy, sideways manner as the bulls and the bears continue to fight in this 
market. October live cattle are up $1.45 at $179.32, December live cattle are 
up $1.60 at $178.30, and February live cattle are up $1.55 at $178.95. No new 
cash cattle sales have been reported yet Friday as it looks like the bulk of 
the week's trade is essentially complete.

   Boxed beef prices are higher: choice up $0.61 ($309.27) and select up $1.30 
($297.49) with a movement of 66 loads (40.29 loads of choice, 8.82 loads of 
select, 10.25 loads of trim and 6.15 loads of ground beef).

FEEDER CATTLE:

   Seeing the feeder cattle complex trade higher comes as no surprise right now 
as the market is nearly a mirror of whatever the live cattle complex does 
currently. And so, with the green go-ahead from the live cattle market, the 
feeder cattle complex also is rallying into Friday's noon hour. September 
feeders are up $2.25 at $241.75, October feeders are up $1.87 at $238.47 and 
November feeders are up $1.42 at $235.85.  

LEAN HOGS:

   The lean hog complex is leaning into Friday's noon hour fully higher as the 
market sees substantial enough support from traders and is pleased to see 
midday pork cutout values higher. It's been an exceptional week for the hog 
complex as the market has been able to advance its position to the highest 
point traded since May. October lean hogs are up $0.72 at $82.90, December lean 
hogs are up $0.52 at $73.10, and February lean hogs are up $0.50 at $75.50.

   The projected CME Lean Hog Index for 8/29/2024 is down $0.58 at $86.47, and 
the actual index for 8/28/2024 is down $0.41 at $87.04. Hog prices on the Daily 
Direct Average $76.78, ranging from $75.00 to $78.50 on 1,106 head and a 
five-day rolling average of $78.73. Pork cutouts total 189.47 loads with 167.93 
loads of pork cuts and 21.54 loads of trim. Pork cutout values: up $1.52, 
$97.41.

   ShayLe Stewart can be reached shayle.stewart@dtn.com

    




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