DTN Midday Livestock Comments          12/13 11:42

   No New Bids Have Surfaced in the Cash Market

   It's been a lackadaisical day throughout the livestock complex as the 
contracts are trading mixed and the only major business left to be tended to is 
if some more cattle trade in the Southern plains.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Although there's expected to be some more cash cattle trade in the market 
ahead of today's end, at this point no new bids have surfaced. If packers don't 
get some more cattle bought, they'll be heading into next week's market short 
bought which could give feedlot managers the opportunity to push prices even 
higher. March corn is down 2 1/2 cents per bushel and January soybean meal is 
down $2.90. The Dow Jones Industrial Average is down 93.37 points.

LIVE CATTLE:

   The live cattle complex is trading mixed into Friday's noon hour as the 
market is pushing slightly higher in its nearby contracts as fundamental 
support has been plentiful this week, but the deferred contracts are trading 
slightly lower. December live cattle are up $0.67 at $192.80, February live 
cattle are up $0.42 at $191.25 and April live cattle are up $0.17 at $192.35. 
And even though the spot February contract pulled back slightly on Thursday and 
closed lower, today's higher note is helping the contract remain above last 
week's sideways trading range. No new cash cattle trade has developed yet, but 
it's expected that some more cattle will trade in at least the South if not 
both regions. Asking prices for cattle left on showlists are around $193 plus 
in the South, and $306 plus in the North.

   Thus far this week Northern cattle have traded in a wide range, anywhere 
from $302 to $311 with last week's weighted average sitting at $296.69 for 
Nebraska, and southern live cattle have traded anywhere from $190 to $191, 
which is steady to $1.00 higher than last week's weighed average.

   Boxed beef prices are higher: choice up $0.66 ($315.90) and select up $2.37 
($282.85) with a movement of 87 loads (59.75 loads of choice, 10.94 loads of 
select, zero loads of trim and 16.20 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is trading lower as the market endures some 
strenuous technical pressure. The market's resistance at $260 seems again to be 
too much for the market to bear as the board has changed its direction and is 
again trailing lower. January feeders are down $1.17 at $257.17, March feeders 
are down $1.42 at $257.15 and April feeders are down $1.37 at $257.85. 
Meanwhile, the demand in the countryside remains impeccable which is continuing 
to be evidenced by the CME feeder cattle index which closed at $263.07 just 
yesterday afternoon.

LEAN HOGS:

   Thankfully the lean hog complex is continuing to rally off the support plane 
established in the contracts earlier this week and low and behold, the 
morning's carcass price is even higher which is helping to lend some additional 
fundamental support. February lean hogs are up $0.97 at $85.45, April lean hogs 
are up $1.12 at $89.57 and June lean hogs are up $0.95 at $100.75. And while 
the belly is undoubtedly leading the charge in gains today for the various pork 
cuts with its $12.37 jump, most of the cuts are trading at least $3.00 higher 
with the only cut seeing a decrease being the rib.

   The projected lean hog index for 12/12/2024 is down $0.01 at $83.90, and the 
actual index for 12/11/2024 is up $0.30 at $83.91. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $0.72 with a weighted average price of 
$78.36, ranging from $71.00 to $80.00 on 1,288 head and a five-day rolling 
average of $80.38. Pork cutouts total 185.98 loads with 176.38 loads of pork 
cuts and 9.61 loads of trim. Pork cutout values: up $3.86, $96.17.

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




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