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DTN Midday Livestock Comments 05/20 11:28
Traders Mildly Push the Cattle Contracts Higher
Although traders are attempting to push the cash cattle contracts, it seems
more and more apparent that traders don't have the support they need to really
make a move in the complex.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
The livestock complex is again trading mixed as the cattle contracts attempt
to trade higher, but the lean hog contracts are trading mixed. Still no cash
cattle trade has developed, and trade will likely be delayed until Thursday or
Friday. July corn is up 4 1/2 cents per bushel and July soybean meal is up
$1.40. The Dow Jones Industrial Average is down 154.54 points and the NASDAQ is
down 72.74 points.
LIVE CATTLE:
Try as it might, try as it hopes, try as it wants, the live cattle complex
may be trading mildly higher, but the stars simply don't seem to be aligning
for the market to be gaining any momentum. June live cattle are up $0.30 at
$213.27, August live cattle are down $0.30 at $207.62 and October live cattle
are steady at $205.07. Following the rally and the sharp decline endured late
last week, the live cattle complex seems stagnant as traders don't possess
enough support to move the complex any higher at this point. Still no cash
cattle trade has developed, and trade will likely be delayed until Thursday or
Friday.
Boxed beef prices are higher: choice up $5.63 ($360.44) and select up $1.01
($345.12) with a movement of 40 loads (27.81 loads of choice, 4.92 loads of
select, zero loads of trim and 7.44 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is also trading mildly higher as it's cautiously
following in the live cattle market's wake. August feeders are up $0.20 at
$297.67, September feeders are up $0.15 at $296.47 and October feeders are up
$0.32 at 294.37. It's likely that so long as the live cattle complex continues
to trade higher that the feeder cattle market will as well. So far this week,
it seems as though prices are trading mostly steady in sale barns across the
countryside.
LEAN HOGS:
The lean hog complex is trading mixed as traders remain leery of coming up
against the market's resistance threshold, as they simply don't possess enough
power and support to break above that price point currently. Not to mention,
it's not helpful either that midday pork cutout values are lower and that cash
prices are as well. June lean hogs are down $0.07 at $99.17, July lean hogs are
down $0.82 at $102.75 and August lean hogs are down $0.75 at $102.35.
The projected lean hog index for 5/19/2025 is up $0.39 at $91.85, and the
actual index for 5/16/2025 is up $0.20 at $91.46. Hog prices are lower on the
Daily Direct Morning Hog Report, down $0.40 with a weighted average price of
$94.51, ranging from $90.00 to $97.00 on 1,160 head and a five-day rolling
average of $93.81. Pork cutouts total 170.29 loads, with 154.41 loads of pork
cuts and 15.88 loads of trim. Pork cutout values: down $0.53, $100.56.
ShayLe Stewart can be reached shayle.stewart@dtn.com
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