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DTN Midday Livestock Comments          05/24 11:45

   Cattle Complex Trading Higher Thanks to Better Cash Cattle Sales 

   Heading into Friday afternoon, be prepared for the Cattle on Feed report and 
continue to monitor the cash sector as more cash cattle sales could develop. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Both the live cattle and feeder cattle contracts are trading higher into 
Friday's noon hour as the market is thankful to see boxed beef prices higher 
again and is still in awe of Thursday's strong trade in the cash cattle market. 
Heading into Friday afternoon, be ready for the Cattle on Feed report and for 
the potential that some more cash cattle trade could develop. August live 
cattle are up $0.78 at $181.85, August feeder cattle are up $0.15 at $261.6, 
July lean hogs are down $0.13 at $97.35, July corn is up 1 1/2 cents per bushel 
and July soybean meal is up $9.40. The Dow Jones Industrial Average is up 
107.91 points.

LIVE CATTLE:

   Even though no new cash cattle sales have been reported yet Friday, the live 
cattle complex is back to trading higher as Thursday's impressive trade in the 
cash market has captivated traders. Also helping matters Friday morning is the 
fact that boxed beef prices are back to trading fully higher too. Bids are 
currently offered in Kansas at $188 but no new sales have been reported at this 
point. More trade will likely develop throughout Friday afternoon, and there's 
still a chance that Southern live prices could trade higher. On Thursday, 
Southern live cattle traded for $187, which is $1.00 higher than last week's 
weighted average, and Northern dressed cattle traded for $300 to $304, which is 
steady to $4.00 higher than last week's weighted average. June live cattle are 
up $0.77 at $184.30, August live cattle are up $0.85 at $181.92 and October 
live cattle are up $0.70 at $184.77.

   Boxed beef prices are higher: choice up $1.72 ($311.56) and select up $1.70 
($301.78) with a movement of 71 loads (48.87 loads of choice, 8.56 loads of 
select, 4.59 loads of trim and 9.40 loads of ground beef).

FEEDER CATTLE:

   With the exciting news in the live cattle market (higher cash cattle trade 
and stronger boxed beef prices) the feeder cattle market is back to trading 
higher as the entire cattle complex is again encouraged. With the market 
currently trading at its two-month high, traders will likely allow the complex 
to trade steady to somewhat higher through Friday's end but not advance the 
market wildly before see what this afternoon's Cattle on Feed report amounts 
to. August live cattle are up $0.20 at $261.65, September feeders are up $0.40 
at $263.12 and October feeders are up $0.25 at $263.57.

LEAN HOGS:

   The lean hog complex is trading mixed into Friday's noon hour as some of the 
deferred contracts are seeing mild support while the nearby contracts continue 
to struggle as demand has not been as strong as hoped for. June lean hogs are 
down $0.17 at $94.35, July lean hogs are down $0.15 at $97.32 and August lean 
hogs are down $0.15 at $96.87. Midday pork cutout values may be higher, but 
traders aren't turning the nearby contracts higher as demand has been minimal 
throughout the earlier part of the week.

   The projected CME Lean Hog Index for 5/23/2024 is down $0.14 at $91.63, and 
the actual index for 5/22/2024 is down $0.05 at $91.77. Hog prices on the Daily 
Direct Morning Hog Report average $86.88, ranging from $86.00 to $88.00 on 898 
head and a five-day rolling average of $87.46. Pork cutouts total 171.06 loads 
with 158.78 loads of pork cuts and 12.28 loads of trim. Pork cutout values: up 
$0.78, $99.47.

   ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com

    

    




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