DTN Midday Livestock Comments          04/30 11:43

   Traders Send the Livestock Complex Retreating

   It's been a strenuous day for the livestock contracts as all three of the 
markets are currently trading lower and given the degree to which traders have 
sent the contracts tumbling lower -- weaker trade is likely to remain in the 
market through closing. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex has been under pressure since Tuesday's start and as 
the market nears Tuesday's noon hour -- the intensity of the market's technical 
pressure has only grown stronger. No asking prices are noted yet in the cash 
cattle market, but trade will likely be delayed until the second half of the 
week. July corn is down 4 cents per bushel and July soybean meal is down $5.60. 
The Dow Jones Industrial Average is down 305.32 points.

LIVE CATTLE:

   It's been a tough go thus far throughout Tuesday's trade for the live cattle 
complex as the contracts are trading fully lower and traders don't seem 
interested in focusing on anything but the market's pressure. Whether the 
downturn is stemming from the announcement that HPAI has been detected in some 
dairy cattle in Colorado, or from lousy boxed beef movement -- the day's 
pressure is being severely felt throughout the cattle complex. June live cattle 
are down $2.27 at $174.87, August live cattle are down $2.47 at $173.20 and 
October live cattle are down $2.65 at $177.12. No bids or asking prices have 
surfaced yet this week and trade will likely be delayed until Thursday or 
Friday. 

   Midday boxed beef prices are mixed: choice down $1.49 ($296.04) and select 
up $0.70 ($290.91) with a movement of 56 loads (28.90 loads of choice, 10.66 
loads of select, zero loads of trim and 16.19 loads of ground beef).

FEEDER CATTLE:

   With the live cattle market trading mostly $2.00 lower into Tuesday 
afternoon -- the feeder cattle market waived its white flag early on and is 
trading mostly $3.00 lower into the noon hour. May feeders are down $3.05 at 
$244.97, August feeders are down $3.60 at $256.02 and September feeders are 
down $3.57 at $257.15. Today's descent could be stemming from the announcement 
that HPAI has been detected in some dairy cows in Colorado.

LEAN HOGS:

   The lean hog complex attempted to trade higher, but the market quickly sank 
back lower and is entering Tuesday's noon hour lower in the nearby contracts, 
but slightly higher in the market's furthest deferred months. June lean hogs 
are down $0.35 at $102.12, July lean hogs are down $0.47 at $104.97 and August 
lean hogs are down $0.20 at $103.47. Cash interest was stronger this morning as 
over 2,000 head have already traded. If cash support and pork cutout values can 
round out the day higher then Wednesday's market may stand a better chance at 
trading higher. 

   The projected lean hog index for 4/29/2024 is down $0.10 at $90.26 and the 
actual index for 4/26/2024 is down $0.52 at $90.36. Hog prices on the Daily 
Direct Morning Hog Report average $90.72, ranging from $82.00 to $92.00 on 
2,906 head and a five-day rolling average of $90.49. Pork cutouts total 148.22 
loads with 135.48 loads of pork cuts and 12.74 loads of trim. Pork cutout 
values: down $0.28, $98.72.

   ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com

    

    




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