DTN Midday Livestock Comments          11/05 11:45

   Mixed Tones Summarize the Livestock Complex at Tuesday's Noon Hour

   Heading into Tuesday afternoon, mixed, cautious tones are likely to stick 
with the market through closing as traders and the rest of the country, wait to 
see who will become the next U.S. president.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Heading into Tuesday's noon hour the livestock complex is trading mixed as 
the cattle complex is back to trading slightly higher, but the hog contracts 
are continuing to drift lower. More than anything the market seems on edge as 
the country waits to see how today's U.S. presidential election pans out. 
December corn is up 2 1/2 cents per bushel and December soybean meal is up 
$0.70. The Dow Jones Industrial Average is up 381.17 points.

LIVE CATTLE:

   The live cattle complex is back to trading modestly higher as the market has 
noted the stronger position of the equity market and is seeming slightly less 
overwhelmed than it did on Monday. However, even though the complex is trading 
mildly higher, it's likely that the majority of this week's trade will be back 
and forth regardless of who wins the election. Still no cash cattle trade has 
developed, and it's likely that we won't see much trade develop until Wednesday 
or Thursday. December live cattle are up $0.27 at $185.35, February live cattle 
are up $0.40 at $186.32 and April live cattle are up $0.35 at $187.22.

   Boxed beef prices are mixed: choice up $1.77 ($318.68) and select down $0.44 
($286.72) with a movement of 70 loads (36.56 loads of choice, 20.88 loads of 
select, zero loads of trim and 12.88 loads of ground beef).

FEEDER CATTLE:

   Upon seeing the live cattle complex trading higher, it was an easy decision 
for traders to allow the feeder cattle market to follow suit. November feeders 
are up $0.65 at $247.00, January feeders are up $0.82 at $243.27 and March 
feeders are up $0.65 at $240.90. Thankfully today's slight recover following 
Monday's lower descend has allowed the spot January contract to move further 
away from the market's 40-day moving average, but the market still doesn't 
possess enough support to break above the 100-day moving average at this point.

LEAN HOGS:

   The lean hog complex is continuing to trade lower into Tuesday's noon hour 
as the market braces for whatever may come of this election. Aside from waiting 
anxiously to see who the next U.S. president will be, the hog complex is also 
having to monitor the Mexican peso as they're one of the top buyers of U.S. 
pork. Thankfully, midday pork cutout values are higher which is always a 
positive fundamental sign, but at this point traders are opting to keep an arms 
distance from the hog complex. December lean hogs are down $1.62 at $81.60, 
February lean hogs are down $0.82 at $84.50 and April lean hogs are down $0.57 
at $88.02.

   The projected lean hog index for 11/4/2024 is up $0.41 at $89.79, and the 
actual index for 11/1/2024 is up $0.82 at $89.38. Hog prices on the Daily 
Direct Morning Hog Report average $82.39, ranging from $77.75 to 85.00 on 1,630 
head and a five-day rolling average of $84.51. Pork cutouts total 156.61 loads 
with 114.64 loads of pork cuts and 41.98 loads of trim. Pork cutout values: up 
$0.81, $104.78.

   ShayLe Stewart can be reached shayle.stewart@dtn.com

    




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