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DTN Midday Livestock Comments 06/14 11:47

14 Jun 2024
DTN Midday Livestock Comments 06/14 11:47 ive Cattle and Feeder Cattle Prices Charge Higher Thanks to Cash Support No new cash cattle sales have been reported yet, but more trade could develop before the day's over. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Both the live cattle and feeder cattle contracts are charging into Friday's noon hour higher as the market celebrates the wins that the market has had this week in the cash sector. No new trade has been reported at this point, but some more sales will likely develop ahead of the week's end. July lean hogs are up $0.75 at $93.525, July corn is down 5 cents per bushel and July soybean meal is up $2.70. The Dow Jones Industrial Average is down 129.03 points. LIVE CATTLE: Traders are advancing the live cattle market aggressively through Friday's noon hour as the cash cattle market's vigor and strength are lending traders all the support they could ever ask for -- not to mention higher boxed beef prices are helping too. June live cattle are up $1.70 at $186.52, August live cattle are up $3.45 at $182.92 and October live cattle are up $2.70 at $184.40. There are few bids currently on the table this morning in Kansas at $186, and in Nebraska at $307, but no new sales have been reported at this point. On Thursday afternoon Southern live cattle traded for $186, which is $1.00 higher than last week's weighted average, and Northern dressed cattle traded for $305 to $306, which is $4.00 to $5.00 higher than last week's weighted average. If the market's weighted average holds at $305-$306, new record highs could be in store for the market once again. Congratulations feedlot managers, your determination to get your cattle marketed for more money paid off, once again! Boxed beef prices are higher: choice up $1.50 ($319.81) and select up $3.80 ($303.05) with a movement of 67 loads (49.25 loads of choice, 10.86 loads of select, zero loads of trim and 6.59 loads of ground beef). FEEDER CATTLE: The feeder cattle complex is rocking and rolling through Friday's trade as the market is elated to see the strong performance of this week's cash cattle market. August feeders are up $4.20 at $261.67, September feeders are up $4.32 at $262.62 and October feeders are up $4.12 at $262.85. The feeder cattle market has seen ample fundamental support throughout the week as feeder cattle buyers have been aggressive in the countryside, but traders weren't willing to really support the contract ahead of seeing what the cash cattle market was going to do. And thankfully, this week's trade ended up being substantially higher. LEAN HOGS: The lean hog complex is again trading lower into Friday's noon hour as traders aren't willing to advance the market ahead of the weekend. Yes, cash prices are slightly higher, and midday pork cutout values are stronger, but the carcass prices have been volatile, and traders desperately want to see consistency in the marketplace. July lean hogs are down $0.30 at $92.47, August lean hogs are up $0.85 at $89.45 and October lean hogs are steady at $75.70. The projected lean hog index for 6/13/2024 is down $0.14 at $91.44, and the actual index for 6/12/2024 is up $0.20 at $91.58. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.34 with a weighted average price of $88.30, ranging from $85.00 to $92.00 on 2,165 head and a five-day rolling average of $87.23. Pork cutouts totaled 208.64 loads with 171.90 loads of pork cuts and 36.74 loads of trim. Pork cutout values: up $3.92, $100.94. ** Join us Friday, June 14, for the DTN Ag Summit Series: Navigating the Cattle Market's Ups and Downs. The cattle market's anything but predictable these days. It seemed poised for a comeback, only to be hit with an avian influenza outbreak in dairy cattle. Even in this challenging environment, there are tools producers can use to manage their risk. In this DTN Ag Summit Series, we'll discuss the ins and outs of livestock insurance as well as cattle market developments cow-calf producers need to know for the 2024 season. Click here to register: ummitSeries-Summer& 6d08dc7437bd2e%7Cd945da26f07f451496e79b8f78a743d0%7C0%7C0%7C638513029944022362%7 CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXV CI6Mn0%3D%7C0%7C%7C%7C&sdata=rpp%2Byuw76M%2F0FJGO0Cd8mQ75gHUKy9PRitZ1nBnUlUU%3D& reserved=0 ShayLe Stewart can be reached (c) Copyright 2024 DTN, LLC. All rights reserved.