DTN Midday Livestock Comments 04/24 11:40

DTN Midday Livestock Comments 04/24 11:40 Cattle Markets Retreat Upon More HPAI News The cattle complex is trading lower as new news has spread surrounding the HPAI virus. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The cattle contracts are again trading lower as traders have noted the announcement that the HPAI virus has been found in some milk samples. Still no cash cattle trade has developed, and the week's trade is likely delayed until Thursday or Friday. May corn is down 2 cents per bushel and July soybean meal is up $4.90. The Dow Jones Industrial Average is down 127.45 points. LIVE CATTLE: Unfortunately, upon the news of finding fragments of HPAI in pasteurized milk samples, the cattle complex is again trading lower. Chris Clayton, DTN's Ag Policy Editor wrote thoroughly on the matter which you can read here: June live cattle are down $1.62 at $175.45, August live cattle are down $1.82 at $173.72 and October live cattle are down $1.37 at $178.00. No cash cattle trade has developed and it's mostly likely that trade is delayed until Thursday or Friday. Asking prices in the South are noted at $186 plus but remain unestablished in the North. With boxed beef prices struggling and given the market's recent lower ascend, it's likely that cash cattle prices trade steady at best. Boxed beef prices are lower: choice down $1.62 ($295.78) and select down $1.99 ($290.77) with a movement of 107 loads (69.66 loads of choice, 21.71 loads of select, 2.73 loads of trim and 13.07 loads of ground beef). FEEDER CATTLE: With the added market pressure of the evolving HPAI story, the feeder cattle contracts are too trading lower. May feeders are down $2.92 at $243.12, August feeders are down $2.97 at $256.35 and September feeders are down $2.75 at $257.72. Even though the futures complex is trading lower, feeder cattle sales in the countryside will still likely see strong interest and trade steady with the week's higher tone. LEAN HOGS: Hog prices are mixed heading into Wednesday's afternoon as the market has noted the uptick in morning pork cutout values but wants to see how the afternoon's carcass price fairs before rallying the complex, and more than anything traders are hoping that Thursday's export report is fruitful. June lean hogs are down $0.07 at $107.87, July lean hogs are up $0.05 at $110.00 and August lean hogs are up $0.27 at $107.40. The projected lean hog index for 4/23/2024 is up $0.19 at $91.64, and the actual index for 4/22/2024 is up $0.14 at $91.45. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.29 with a weighted average price of $91.30, ranging from $85.00 to $94.50 on 1,547 head and a five-day rolling average of $90.57. Pork cutouts total 130.32 loads with 118.50 loads of pork cuts and 11.81 loads of trim. Pork cutout values: up $1.41, $98.30. ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com (c) Copyright 2024 DTN, LLC. All rights reserved.