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DTN Midday Livestock Comments          12/06 12:03

   Mixed Livestock Trade Wednesday

   Livestock futures are mixed Wednesday morning with traders adjusting 
positions following the strong cattle market rally Tuesday. The inability to 
draw additional price support in live cattle trade could create additional 
end-of-the-week market pressure. 

Rick Kment
DTN Analyst

GENERAL COMMENTS:

   Live cattle futures are showing the most weakness Wednesday morning with 
early losses holding and erasing most, if not all of Tuesday's gains. Feeder 
cattle futures seemed to be able to maintain at least some market momentum 
during the first couple hours of trade, but midday losses are pushing prices 
mostly lower through feeder cattle trade also.

   Hog futures have posted narrow to moderate gains as traders cover short 
positions seen the previous day. Lack of new market information which will 
change the course of both cattle and hog futures trade continues to be the main 
challenge to stimulate buyer interest through all trade.

   March corn is down 5 1/4 at $4.853 and January soybean meal is down $7.80 at 
$410.00. The Dow Jones Industrial Average is up 15.00 at 36,139.56.

LIVE CATTLE:

   Live cattle futures have led the market lower Wednesday morning with 
February futures setting the tone for the morning market losses as prices are 
hovering around $2 per cwt lower for the day. These price moves have 
essentially evaporated any price support seen during the Tuesday session. If 
prices continue to hold current losses, this would establish new multi-month 
lows in the complex and add even more weakness to the entire complex. The 
continued weakness in market technical factors is limiting buyer interest from 
stepping back into the complex heading into the end of the year.

   Cash cattle trade is starting to develop Wednesday morning with live deals 
in the south seen at $171 per cwt. This is steady with the very light scattered 
trade Tuesday, but $3 per cwt lower than last week's weighted average. Northern 
trade is seen at $271 per cwt dressed basis. These prices are steady to weak 
from the limited sales seen Tuesday, but $4 per cwt below last week's weighted 
average. Although more trade is still expected to develop through the week, the 
overall softness in the entire market could mean the overall price tone for the 
week may be set at this point.

   Asking prices on cattle still available remain near last week's price levels 
at $275 per cwt dressed and $175 per cwt live basis. December live cattle are 
$1.68 lower at $166.825, February live cattle are $1.90 lower at $167.075, 
April live cattle are $1.38 lower at $170.125. Boxed beef prices are mixed: 
choice down $2.31 ($291.44) and select up $0.58 ($259.71) with a movement of 
129.12 loads (82.82 loads of choice, 19.64 loads of select, 16.86 loads of trim 
and 9.80 loads of ground beef).

FEEDER CATTLE:

   Feeder cattle futures remain mixed Wednesday morning with the strong, 
triple-digit support that developed Tuesday unable to be maintained, in part to 
the continued cash market weaknesses and softness in live cattle futures. 
January futures are holding moderate gains based on recent market shifts, but 
March through October contracts are holding moderate to firm losses with the 
most aggressive pressure seen in deferred contract months.

   Currently, it appears that Tuesday's sharp gains are still able to hold the 
market above recent support levels, but continued weakness in other commodity 
markets and live cattle trade could limit longer term support moving into the 
feeder cattle complex in the coming days.

   January feeders are $0.43 higher at $215.125, March feeders are $0.38 lower 
at $217.1 and April feeders are $0.55 lower at $220.825.

LEAN HOGS:

   Lean hog futures are trading mostly higher midday Wednesday as consistent 
short-covering is starting to develop midweek across the complex. The bounce 
higher in early cash trade reports is being offset by pressure in pork values, 
but traders are still trying to build some much-needed consistency through the 
entire complex.

   Given the moderate price shifts over the last few trading sessions, the lean 
hog complex remains comfortably locked into a sideways trading pattern. This 
could limit additional wide market shifts over the near future. December lean 
hogs are $0.65 higher at $67.475, February lean hogs are $0.18 higher at 
$69.525 and April lean hogs are $0.10 lower at $76.00.

   Hog Prices are higher on the Daily Direct Morning Hog report, up $0.93 with 
a weighted average of $54.89, ranging from $52.00 to $58.00 on 8,247 head with 
a five-day rolling average of $55.44. Pork Cutouts totaled 209.21 loads with 
175.30 loads of pork cuts and 33.91 loads of trim. Pork cutout values are down 
$0.44 at $83.79.

   Rick Kment can be reached at kmentrick@gmail.com

   **

   Register now for DTN's Virtual Ag Summit on Dec. 5 and 6, a virtual event 
that offers discussions of farmland values, tax advice, the latest 
technological advances, and the challenges of having a family business. On 
Wednesday, Ag Meteorologist John Baranick will give an early glimpse of what to 
expect from the weather in 2024 and Todd Hultman will give you his best 
assessment of where corn and soybean prices are headed in the year ahead.

   Register for this free event at  https://www.dtn.com/2023-ag-summit-series/. 
Can't make it those two days? A recorded link will be provided, but you need to 
register.




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