|
DTN Midday Livestock Comments 11/01 11:39
Lean Hogs and Feeders Trade Higher into Friday's Noon Hour
There have been a few more live sales reported in the South at $190, but
otherwise the cash market is silent.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
The livestock complex is trading mixed into Friday's noon hour as the hog
and feeder cattle markets are rallying, but the live cattle complex isn't as
easily motivated. A few more light sales have been reported in the South at
$190, but it looks like the week's trade is done. December corn is up 1 cent
per bushel and December soybean meal is down $5.20. The Dow Jones Industrial
Average is up 457.80 points.
LIVE CATTLE:
The live cattle complex is again trading mixed into Friday's noon hour as
the nearby contracts remain cautious while the deferred contracts continue to
rally mildly. December live cattle are down $0.52 at $185.77, February live
cattle are down $0.22 at $186.52 and April live cattle are up $0.12 at $187.47.
The futures complex continues to remain uncertain about the market's immediate
direction as traders continue to battle concerns that the market is technically
overbought. With boxed beef prices trading slightly lower and cash prices this
week being marked at steady to $3.00 lower -- the fundamental support, which
could have eased some of the technical burden, didn't come to fruition. There
have been a few more sales noted in Kansas at $190 which is fully steady with
the rest of the week's business, but otherwise, the market sits idle as overall
the vast majority of the week's trade seems to be done with. This week Southern
live deals have been marked at mostly $190, generally steady with last week's
weighted averages. Northern dressed sales have been mostly $296 to $298, steady
to $3 lower than last week's weighted averages.
Boxed beef prices are lower: choice down $0.25 ($317.35) and select down
$0.22 ($285.15) with a movement of 47 loads (23.44 loads of choice, 8.84 loads
of select, 5.24 loads of trim and 9.96 loads of ground beef).
FEEDER CATTLE:
Although the live cattle complex is continuing to trade lower, the feeder
cattle market is finding some late-week support as its market is trading fully
higher into the noon hour. November feeders are up $1.10 at $246.47, January
feeders are up $1.57 at $242.90 and March feeders are up $2.17 at $241.25. The
spot January contract did at one point today run up and touch the market's
100-day moving average, but traders quickly backed the contract back below that
threshold as there isn't quite enough support to in the market to boldly take
on that resistance point just yet.
LEAN HOGS:
With the help of continued support from consumers, the lean hog complex is
yet again rallying into the day's noon hour as traders maintain their efforts
in advancing the complex. Yet again the market is reaching new contract highs
in most of the nearby contracts as support remains incredible. Pork cutout
values are higher on the morning report, but that's largely because of a $5.90
price jump in the belly. December lean hogs are up $0.90 at $84.70, February
lean hogs are up $1.15 at $86.35 and April lean hogs are up $0.87 at $88.97.
The projected lean hog index is delayed from the source. Hog prices on the
Daily Direct Morning Hog Report average $79.25, ranging from $75.00 to $83.00
on 637 head and a five-day rolling average of $85.15. Pork cutouts total 167.34
loads with 136.77 loads of pork cuts and 30.58 loads of trim. Pork cutout
values: up $0.31, $103.46.
ShayLe Stewart can be reached shayle.stewart@dtn.com
(c) Copyright 2024 DTN, LLC. All rights reserved.
Get your local Cash Bids emailed to you each morning from DTN – click here to sign up for DTN Snapshot.
|
|