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DTN Midday Livestock Comments 10/14 11:40
Feeder Cattle Rally Another $4.00 to $5.00 Higher
The feeder cattle complex is again leading the storm as the cattle contracts
continue to trade higher.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
The livestock complex is again trading mixed as the lean hog contracts
continue to tumble lower, but the cattle contracts are again being led higher
by the feeder cattle market. Still no cash cattle trade has developed, and
trade will likely be delayed until Thursday or Friday. December corn is up 1
1/4 cents per bushel and December soybean meal is down $0.10. The Dow Jones
Industrial Average is up 218.83 points and the NASDAQ is down 75.92 points.
LIVE CATTLE:
Although the live cattle complex started the day off weaker, the market has
since turned its direction and is now trading fully higher into the noon hour
as traders are pleased to see morning boxed beef prices higher again. December
live cattle are up $1.42 at $246.17, February live cattle are up $1.07 at
$248.27. Again today, the uptick in the futures complex has pushed most of the
nearby contracts to new contract highs. Still no developments have surfaced in
the fed cash cattle market, and it's likely that with feedlot managers able to
push prices higher last week, they'll again try to advance the market and wait
to trade any of their pens until late in the week.
Boxed beef prices are higher: choice up $0.70 ($364.61) and select up $0.67
($350.42) with a movement of 67 loads (41.93 loads of choice, 6.60 loads of
select, 5.02 loads of trim and 13.00 loads of ground beef).
FEEDER CATTLE:
Once again leading the charge, the feeder cattle complex is trading fully
higher into Tuesday's market, with a snappy $4.00 to $5.00 rally being the
theme throughout the complex. November feeders are up $4.60 at $381.42, January
feeders are up $4.67 at $378.40 and March feeders are up $4.85 at $376.20. With
strong equity markets, cheap feed and incredible demand, it's been almost easy
for the feeder cattle market to push the contracts higher as demand continues
to be wildly strong.
LEAN HOGS:
The lean hog complex hasn't been as fortunate today as its contracts are
trading lower and are nearing support thresholds in the spot December contract.
One would hope that the support plane around $82.00 would hold strong and not
be broken through, but with demand being fickle in the hog sector right now,
it's anyone's guess how low traders are going to send this thing. December lean
hogs are down $1.95 at $82.90, February lean hogs are down $1.72 at $85.30 and
April lean hogs are down $1.25 at $89.05. Yes, pork cutout values are up a bit
this morning, but traders are going to need to see more than a midday report's
worth of higher prices before they'll say that demand is truly shining through
in the market.
The projected lean hog index for 10/13/2025 is down $0.58 at $97.99, and the
actual index for 10/10/2025 is down $0.86 at $98.57. Hog prices are unavailable
on the Daily Direct Morning Hog Report because of confidentiality; however, we
can see that only 2,110 head have traded and that the market's five-day rolling
now sits at $97.31. Pork cutouts total 186.66 loads with 173.29 loads of pork
cuts and 13.37 loads of trim. Pork cutout values: up $0.32, $103.91.
ShayLe Stewart can be reached shayle.stewart@dtn.com
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