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DTN Midday Livestock Comments 09/02 11:23
Early Dressed Sales are Noted at $345
Some dressed sales of $345 have been noted in Iowa and Nebraska this
morning.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
The livestock complex is trading mixed into Wednesday's noon hour as
fundamental support remains in question. Some light cash cattle trade has been
noted in parts of Nebraska and Iowa at $345. December corn is up 1 cent per
bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average
is up 252.65 points and NASDAQ is up 136.15 points.
LIVE CATTLE:
The live cattle complex has traded back and forth throughout this morning's
trade but is now trading fully lower into Wednesday's noon hour as the market
lacks confidence and enough fundamental support to turn the market's direction
around. October live cattle are down $1.57 at $210.50, December live cattle are
down $1.02 at $212.35 and February live cattle are down $0.72 at $214.20.
Starting this morning, some light cash cattle trade has developed in Iowa and
Nebraska at mostly $345, which is steady with last week's weighted average.
There's yet to be any trade in the South, but the North has kicked the week off
selling cattle at steady prices which is better than what I assumed the week's
trend may be. It is worth noting that most of the cattle that have sold this
morning have been committed for delivery for the week of September 14th.
Boxed beef prices are mixed: choice up $2.30 ($382.05) and select down $2.81
($357.64) with a movement of 53 loads (30.82 loads of choice, 6.44 loads of
select, 3.26 loads of trim and 12.94 loads of ground beef.)
FEEDER CATTLE:
The feeder cattle complex, on the other hand, is trading mixed as its nearby
contracts have continued to follow the live cattle contracts and are trading
lower, but the market's deferred contracts are trading higher. September
feeders are down $0.70 at $319.65, October feeders are down $0.15 at $315.27
and November feeders are up $0.55 at $309.10. If the fed cash cattle market can
hold its trend steady this week -- there may be a chance that feeder cattle
prices find a little support as well, but time will tell.
LEAN HOGS :
The lean hog complex is trading mostly higher into Wednesday's noon hour as
traders hope that fundamental support will strengthen and allow the contracts
to maintain their elevated position. But if pork demand doesn't see constant,
steady and stable support from consumers, it's unlikely that traders will push
the contracts above the market's current resistance plane at $84 in the spot
October contract. October lean hogs are steady at $83.60, December lean hogs
are up $0.10 at $74.10 and February lean hogs are up $0.27 at $76.55. The
projected lean hog index for 9/1/2026 is up $0.27 at $90.85, and the actual
index for 8/31/2026 is down $0.29 at $90.58. Hog prices are higher on the Daily
Direct Morning Hog report, up $0.75 with a weighted average price of $90.39,
ranging from $84.00 to $96.00 on 1,840 head and a five-day rolling average of
$89.67. Pork cutouts total 147.66 loads with 131.36 loads of pork cuts and
16.29 loads of trim. Pork cutout values: down $1.79, $96.11.
ShayLe Stewart can be reached shayle.stewart@dtn.com
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