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DTN Midday Livestock Comments 09/15 11:46
Weaker Tones Take Over the Livestock Complex
Traders grow hesitant to push the livestock contracts any higher without
further fundamental support.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
Weaker tones have taken over the livestock complex as the market trades
lower into Tuesday's noon hour. Still, no cash cattle trade has developed.
December corn is down 1 1/4 cents per bushel and December soybean meal is up
$8.70. The Dow Jones Industrial Average is down 415.98 points and the NASDAQ is
down 171.73 points.
LIVE CATTLE:
Although the live cattle complex started the day higher, the market has now
transitioned into lower territory as traders are longing to see better
fundamental support before they advance the market any further. The market's
recent rally has been substantial, but before traders likely push it any
further, they're hoping to see promising trade again this week in the fed cash
cattle market. October live cattle are down $1.52 at $220.72, December live
cattle are down $2.12 at $223.02 and February live cattle are down $1.87 at
$224.42. No trade has developed yet in the fed cash cattle market, and it's
likely that this week could be delayed until Thursday or Friday. Both bids and
asking prices remain elusive at this point.
Boxed beef prices are mixed: choice up $1.15 ($376.46) and select down $0.19
($354.36) with a movement of 56 loads (35.25 loads of choice, 10.58 loads of
select, zero loads of trim and 10.27 loads of ground beef).
FEEDER CATTLE:
And in keeping in alignment with the live cattle complex, it comes as no
surprise to see the feeder cattle contracts trading lower into Tuesday's noon
hour. September feeders are down $3.12 at $340.50, October feeders are down
$3.60 at $334.25 and November feeders are down $3.50 at $329.27. It will be
interesting to see how the board's softened tone today affects feeder cattle
prices as sales were stronger last week, and also on Monday.
LEAN HOGS :
And the lean hog complex is keeping with its lower trend into Tuesday's noon
hour as the market simply lacks enough fundamental support to do otherwise.
October lean hogs are down $0.40 at $79.20, December lean hogs are down $1.52
at $69.70 and February lean hogs are down $1.55 at $72.00. The spot October
contract is currently trading below the market's support plane, and is
beginning to trade below that threshold.
The projected lean hog index is delayed from the source. Hog prices are
higher on the Daily Direct Morning Hog Report, up $1.28 with a weighted average
price of $85.11, ranging from $83.00 to $88.00 on 6,341 head and a five-day
rolling average of $85.80. Pork cutouts total 172.44 loads with 158.26 loads of
pork cuts and 14.17 loads of trim. Pork cutout values: down $1.02, $88.76.
ShayLe Stewart can be reached shayle.stewart@dtn.com
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