DTN Midday Livestock Comments          12/10 11:57

   Handful of Cattle Traded in Texas at $191 

   Even though it's still early in the week, a few cash cattle sales have been 
reported in Texas at $191. 

Rick Kment
DTN Analyst

GENERAL COMMENTS:

   It's been a mixed Tuesday morning for the livestock complex as the cattle 
contracts are trading higher, but the lean hog contracts are continuing to 
drift lower. The market support in the cattle sector seems to be widespread as 
both the live cattle and feeder cattle markets are rallying aggressively. A few 
cash cattle sales have been noted in Texas at $191, but as a whole, the market 
doesn't seem ready to trade just yet. March corn is up 4 1/4 cents per bushel 
and January soybean meal is up $1.20. The Dow Jones Industrial Average is up 
31.17 points.

LIVE CATTLE:

   Thus far it's been a vibrant and prosperous day for the live cattle complex 
as most of the contracts are trading anywhere from $1.00 to $2.00 higher. 
Tuesday's movement could be stemming from the strength of last week's cash 
cattle trade, which again successfully traded anywhere from steady to $2.00 
higher. And to just as much of your surprise as mine, some light cash cattle 
sales have been already noted in Texas at $191, which is steady with last 
week's weighted average. December live cattle are up $2.15 at $189.95, February 
live cattle are up $2.05 at $189.07, and April live cattle are up $1.52 at 
$190.47. Asking prices for cattle in the South are noted at $192 but are still 
not noted in the North. And while a few sales have surfaced in the South, it's 
likely the bulk of this week's trade will be delayed until sometime after 
Wednesday.

   Boxed beef prices are lower: choice down $2.17 ($311.97) and select down 
$0.04 ($279.30) with a movement of 71 loads (44.43 loads of choice, 9.13 loads 
of select, 5.39 loads of trim and 11.94 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex has sprung back into action as the market is 
pleased to see the added support of the live cattle market's higher trend. It 
has been exhausting for the feeder cattle complex to lead the technical surge 
for the cattle sector over the last month, so the added technical assurance of 
the live cattle market's higher trend has helped rejuvenate the momentum in the 
feeder cattle. January feeders are up $1.77 at $257.47, March feeders are up 
$2.22 at $257.42 and April feeders are up $2.47 at $258.72.

LEAN HOGS:

   The lean hog complex is enduring some technical pressure as the market's 
support is failing amid continued pressure from a lack of consumer demand. And 
while the theme of pork prices is lower Tuesday morning all across all the 
cuts, the rib is the market's weak point as it alone fell $9.56. February lean 
hogs are down $2.10 at $84.40, April lean hogs are down $2.15 at $89.05 and 
June lean hogs are down $2.00 at $99.97.

   The projected CME Lean Hog Index for 12/9/2024 is down $0.13 at $83.33, and 
the actual index for 12/6/2024 is down $0.27 at $83.46. Hog prices are lower on 
the Daily Direct Morning Hog Report, down $1.85 with a weighted average price 
of $80.58, ranging from $76.00 to $83.00 on 2,258 head and a five-day rolling 
average of $85.07. Pork cutouts total 212.28 loads with 181.77 loads of pork 
cuts and 30.51 loads of trim. Pork cutout values: down $0.89, $92.74.

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




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