DTN Midday Livestock Comments 04/17 11:36

DTN Midday Livestock Comments 04/17 11:36 Traders Pull Back the Reins on the Livestock Complex With the entire livestock trading lower, it's unlikely that feedlots will be anxious to trade cattle today if any bids develop as they'll want to wait and see if Thursday's market lends more technical support. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The livestock complex is dismally trading through Wednesday's market as not much has developed in support of the marketplace. Still no cash cattle trade has developed and at this point, it's looking like trade will be delayed until sometime Thursday or Friday. May corn is down 1/2 cent per bushel and May soybean meal is up $3.30. The Dow Jones Industrial Average is down 110.74 points. LIVE CATTLE: The live cattle complex is trading lower as traders are looking for continued support to justify advancing the contracts any higher. But with no cash cattle trade having developed, and boxed beef prices still trading sluggishly, the market is stalled out for the time being. Not to mention, traders could be feeling some pressure from the 100-day moving average which is sitting just above where the market is currently trading ($177.67). June live cattle are down $0.92 at $174.80, August live cattle are down $0.40 at $172.52 and October live cattle are down $0.35 at $175.45. No cash cattle trade has developed at this point, and it's looking like the week's trade will be delayed until Thursday or Friday. Asking prices are noted in the South at $184 to $185 but have not yet been established in the North. Boxed beef prices are lower: choice down $0.23 ($297.79) and select down $0.74 ($291.90) with a movement of 73 loads (38.04 loads of choice, 17.21 loads of select, zero loads of trim and 18.14 loads of ground beef). FEEDER CATTLE: With the live cattle complex trading lower, it comes as no surprise that the feeder cattle contracts are trading lower too. May feeders are down $1.07 at $239.90, August feeders are down $0.75 at $251.60 and September feeders are down $0.85 at $252.77. With parts of the west getting a spring storm, cow-calf producers are encouraged to see the shot of moisture hitting their pastures ahead of their prime grass-growing season. LEAN HOGS: The lean hog complex is trading mixed with most of the market's nearby contracts trading lower while some of the deferred months are trading mildly higher. At this point, traders need to see followed-through consumer interest to again give the futures board a boost of encouragement and reason why prices should continue with their upward trend. June lean hogs are down $0.22 at $102.60, July lean hogs are up $0.02 at $104.05 and August lean hogs are up $0.30 at $101.90. The market's support may not come until Thursday in the form of export sales. The projected lean hog index for 4/16/2024 is up $0.38 at $91.36, and the actual index for 4/15/2024 is up $0.25 at $90.98. Hog prices are higher on the Daily Direct Morning Hog Report, up $2.31 with a weighted average price of $88.45, ranging from $84.00 to $92.00 on 2,394 head and a five-day rolling average of $87.48. Pork cutouts totaled 135.41 loads with 123.05 loads of pork cuts and 12.35 loads of trim. Pork cutout values: up $0.16, $99.71. ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.