DTN Midday Livestock Comments

GENERAL COMMENTS:

LIVE CATTLE:

Cattle futures show little to get excited about. October live cattle futures have so far posted an inside trading day while December has made a new higher for this upward move and a new contract high, but has been unable to hold that level. There have been a few bids, but packers continue to wait to the last minute as usual. Asking prices are $114-$115 in the South and $178 in the North. Boxed beef cut-outs are mixed, $0.33 lower (choice) and $1.03 higher (select) with movement of 70 loads reported (29 loads of choice cuts, 8 loads of select cuts, 19 loads of trimmings, and 14 loads of ground beef.

FEEDER CATTLE:

Feeder cattle futures have not been too excited to do much of anything with limited volatility and tight trading ranges. The inability of live cattle to generate much activity has provided little direction or excitement. Minor earlier strength has given way to weakness.

LEAN HOGS:

Lean hog futures show strong gains as traders react to the neutral hogs and pigs report. October futures are $1.32 higher with December $2.52 higher. Futures have regain all of the losses of the past week. The report was neutral with a few indications of some positive numbers for the future. Deferred futures showed nearly as much strength as close months. Cash prices are lower on the National Direct morning report with the weighted average $0.33 lower with a range of $61.00-$63.15 on 5,096 head sold. The National Pork Plant report posted 119 loads selling. Carcass values declined $0.95 per cwt at $79.56.

Robin Schmahl can be reached at: rschmahl@agdairy.com

(SK)

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