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DTN Midday Livestock Comments          07/17 11:42

   Southern Live Cattle Begin to Trade at $188

   Some early sales are beginning to be marked at $188 in the South, which is 
fully steady with last week's weighted average.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The live cattle complex is trading higher as traders take note of the steady 
cash cattle sales beginning to take place in the South at $188. Still no 
Northern dressed cattle trade has developed, but upon seeing Southern hold 
steady, Northern feedlots may be enticed to price their cattle higher. December 
corn is up 1 cent per bushel and December soybean meal is steady. The Dow Jones 
Industrial Average is up 201.85 points.

LIVE CATTLE:

   The live cattle complex is rallying into Wednesday's noon hour as the market 
has seemed to catch a wind of technical support that's helping advance the 
market. August live cattle are up $0.97 at $183.65, October live cattle are up 
$0.60 at $185.12 and December live cattle are up $0.22 at $186.67. Also helping 
the market is the fact that a few cash cattle sales have been noted in the 
South where prices are being marked at $188 -- fully steady with last week's 
weighted average. It was expected that the Southern plains would trade lower 
this week so seeing the market hold steady at its earliest start is encouraging 
to not only traders, but Northern feedlots as well who could potentially aim at 
getting higher prices this week upon seeing such news. Asking prices for live 
cattle in the South remain firm at $188 but are still not established in the 
North.

   Boxed beef prices are lower: choice down $1.18 ($318.08) and select down 
$1.76 ($299.83) with a movement of 88 loads (66.93 loads of choice, 15.68 loads 
of select, zero loads of trim and 5.73 loads of ground beef).

FEEDER CATTLE:

   One would logically expect that with corn prices trading merely sideways and 
with the live cattle contracts trading higher that the feeder cattle complex 
would be rallying too -- but logic doesn't always win. The entire feeder cattle 
complex is trading lower into Wednesday's noon hour as it would appear that 
traders are having a hard time advancing the contracts back above the market's 
100-day and 40-day moving averages. This technical threshold could be a 
challenge for the market moving forward if the live cattle/cash cattle market 
doesn't add substantial support. August feeders are down $0.65 at $257.97, 
September feeders are down $0.60 at $258.92 and October feeders are down $0.42 
at $258.82.

LEAN HOGS:

   The lean hog complex is again trading higher as traders continue to rally on 
the market's stronger performance in pork cutout values, and upon having found 
some technical momentum in the futures complex as well. August lean hogs are up 
$0.22 at $91.50, October lean hogs are up $0.80 at $73.00 and December lean 
hogs are up $1.05 at $65.17. What's especially exciting about today's higher 
carcass price in the midday report is that the carcass price is not over 
inflated by any one single cut -- the ham and the picnic are seeing the biggest 
day over day gains, but neither cut is over $5.00 higher.

   The projected lean hog index for 7/16/2024 is up $0.18 at $88.80, and the 
actual index for 7/15/2024 is up $0.20 at $88.62. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $0.22 with a weighted average price of 
$84.66, ranging from $75.00 to $86.00 on 3,826 head and a five-day rolling 
average of $84.62. Pork cutouts total 152.25 loads with 138.64 loads of pork 
cuts and 13.61 loads of trim. Pork cutout values: up $0.39, $101.26.

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

    




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