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DTN Midday Livestock Comments          02/18 11:40

   Mixed Trader Interest has Livestock Contracts Trading in Different Directions

   With the feeder cattle contracts trading $1.00 to $3.00 higher -- cattlemen 
are hopeful that the old market saying "feeders are leaders" will re-spark 
optimism in the live cattle contracts.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   It's a mixed marketplace for the livestock industry as the complex nears 
Tuesday's noon hour. Both the lean hogs and feeder cattle are trading higher, 
but the live cattle complex continues to trade lower in its nearby contracts. 
March corn is up 6 cents per bushel and March soybean meal is down $0.80. The 
Dow Jones Industrial Average is down 67.51 points.

LIVE CATTLE:

   Unfortunately, the live cattle complex's nearby contracts are again subdued 
to more downward pressure. The nearby contracts are trading moderately lower as 
traders simply can't seem to find any technical footing in this market 
currently. With it assumed that cash prices will again trade lower this week 
and with the spot April contract trading well below its 40-day moving average 
-- pressure has abounded. But the deferred contracts are trading mildly higher 
into Tuesday's noon hour. February live cattle are down $0.57 at $197.17, April 
live cattle are down $0.35 at $193.90 and June live cattle are down $0.02 at 
$190.42.

   Last week's negotiated cash cattle trade totaled 52,215 head. Of that 78% 
(40,819 head) were committed to the nearby delivery, while the remaining 22% 
(11,396 head) were committed to the deferred delivery.

   Boxed beef prices are mixed: choice up $1.03 ($316.73) and select down $2.29 
($303.94) with a movement of 81 loads (42.36 loads of choice, 19.82 loads of 
select, 7.59 loads of trim and 11.35 loads of ground beef).

FEEDER CATTLE:

   It's somewhat strange to see the feeder cattle complex trading boldly higher 
all while the nearby corn contracts are rallying anywhere from $0.05 to $0.07 
higher and the live cattle market isn't lending any support. But nonetheless, 
the nearby contracts are up $1.00 to $3.00 higher and it's liberating to see 
the spot March contract back above its 40-day moving average. There's the old 
saying that "feeders are the leaders" and let's hope that we see that come true 
this week as the live cattle market desperately needs some support. March 
feeders are up $3.02 at $269.40, April feeders are up $2.25 at $268.67 and May 
feeders are up $1.72 at $266.72.

LEAN HOGS:

   Although morning pork cutout values are lower, the lean hog complex 
continues to trade higher as the market's technical support remains unwavering. 
April lean hogs are up $1.30 at $93.90, June lean hogs are up $0.97 at $105.65 
and July lean hogs are up $0.82 at $106.12. Subtle losses are seen consistently 
throughout this morning's pork cutout report, but with the belly's $5.71 
decline -- it's no wonder that the carcass price is indeed lower.

   The projected lean hog index for 2/14/2025 is up $0.98 at $89.75, and the 
actual index for 2/13/2025 is up $0.71 at $88.77. Hog prices are unavailable on 
the Daily Direct Morning Hog Report because of confidentiality. However, we can 
see that only 1,190 head have traded and that the week's five-day rolling 
average now sits at $88.58. Pork cutouts total 147.88 loads with 133.54 loads 
of pork cuts and 14.34 loads of trim. Pork cutout values: down $1.65, $100.82.

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




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