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DTN Midday Livestock Comments          06/25 11:42

   Lean Hogs, Live Cattle Trade Mixed Tuesday

   Traders have noted the slight improvement in pork demand and are supporting 
the nearby lean hog contracts because of it. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Action in the livestock complex is slow Tuesday as traders note the demand 
beginning to surface in the hog complex and are careful not to get ahead of 
themselves in overly supporting the live cattle contracts before seeing what 
the cash cattle market does. Still, no asking prices have been posted and it's 
likely the week's trade will be delayed until Thursday or Friday. July corn is 
down 6 3/4 cents per bushel and July soybean meal is down $7.70. The Dow Jones 
Industrial Average is down 337.50 points.

LIVE CATTLE:

   The live cattle complex is mixed as traders again note and appreciate the 
continued support of stronger boxed beef prices. Still, traders do not want to 
support the futures complex in an overdone fashion ahead of knowing what the 
cash cattle market will do this week. August live cattle are down $0.52 at 
$184.30, October live cattle are up $0.35 at $184.15 and December live cattle 
are up $0.07 at $185.87. The June contract is set to expire on Friday and most 
traders have already made their move into the August contract. No asking prices 
are noted yet and it's likely the cash cattle market will wait to trade until 
Thursday at the earliest.

   Boxed beef prices are higher: choice up $1.16 ($323.80) and select up $2.09 
($307.16) with a movement of 64 loads (33.47 loads of choice, 15.76 loads of 
select, 5.06 loads of trim and 9.46 loads of ground beef).

FEEDER CATTLE:

   With feeder cattle demand still incredibly strong and the corn complex 
trading another $0.06 to $0.07 lower this morning, the nearby feeder cattle 
contracts are mildly higher while the rest of the market is rocked back on its 
heels, waiting to see what the live cattle contracts and fed cattle market does 
this week. August feeders are up $0.15 at $259.05, September feeders are up 
0.02 at $260.07 and October feeders are down $0.02 at $260.62. It's likely 
traders will continue to weak-heartedly support the market until there's a 
better understanding of what exactly the fed cash cattle market will do.

LEAN HOGS:

   With midday pork cutout values slightly higher, the lean hog complex is 
seeing more trader interest in the market's nearby contracts. July lean hogs 
are up $0.15 at $90.10, August lean hogs are up $0.85 at $87.57 and October 
lean hogs are up $0.22 at $74.30. The market's biggest limiting factor has been 
demand, mostly the lack of domestic demand. So, if pork demand begins to 
improve, traders will likely be more favorable to the lean hog contracts in 
return.

   The projected CME Lean Hog Index for 6/24/2024 is down $0.05 at $89.85, and 
the actual index for 6/21/2024 is down $0.42 at $89.90. Hog prices are higher 
on the Daily Direct Morning Hog Report, up $1.29 with a weighted average price 
of $87.76, ranging from $85.00 to $89.00 on 1,730 head and a five-day rolling 
average of $86.98. Pork cutouts total 166.74 loads with 142.77 loads of pork 
cuts and 23.97 loads of trim. Pork cutout values: up $1.21, $99.04.

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

    




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