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DTN Midday Livestock Comments          07/14 12:29

   Livestock Complex Trades With Caution Heading Into Afternoon

   Unlike Monday, the livestock complex is short of support as all three 
contracts have fought some resistance throughout the morning's early trade.

ShayLe Stewart
DTN Livestock Analyst

   General Comments

   The livestock complex hasn't fully decided if Monday's rally is where the 
direction needs to lean again Tuesday. The lean hog complex could trade higher 
this afternoon as pork cutout values are slightly higher, and cash hogs are 
trading modestly higher as well. Meanwhile, the cattle contracts are sitting 
idly -- letting time pass as certainty in where prices should trade this week 
is slim. December corn is steady and December soybean meal is up $2.00. The Dow 
Jones Industrial Average is up 291.76 points and NASDAQ is up 0.88 points.

   LIVE CATTLE

   Live cattle contracts are in the same boat as feeder cattle -- another day, 
but prices are trending lower. August live cattle are down $0.77 at $98.87, 
October live cattle are down $1.00 at $103.20 and December live cattle are down 
$0.92 at $107.42. Feedlots across the U.S. are praying these hot summer 
temperatures end soon as immense stress is put on cattle in feedlots when 
temperatures near 100 degrees. So far cash cattle trade has continued to be 
mostly quiet with bids still hard to come by. A light trade did happen in parts 
of the South at $95 for live cattle -- fully steady with last week's business. 
Asking prices are firm at $100-plus in the South and $162-plus in the North.

   Consigned to Wednesday's Fed Cattle Exchange are 1,224 head of cattle. Most 
of the lots are from Kansas with an offering of 1-9-day delivery, or 1-17-day 
delivery, and two lots are from Texas.

   Boxed beef prices are lower: choice down $2.47 ($200.79) and select down 
$0.10 ($191.78) with a movement of 91 loads (42.82 loads of choice, 15.17 loads 
of select, 8.14 loads of trim and 25.10 loads of ground beef).

   FEEDER CATTLE

   Feeling tremendous pressure at the $138.00 threshold, nearby feeder cattle 
contracts have backed away from Monday's rally and the rest of the complex has 
softened even more than nearby contracts. August feeders are down $0.02 at 
$137.02, September feeders are down $0.45 at $137.62 and October feeders are 
down $0.47 at $139.05. As the market remains slim for interested traders, the 
market could easily swing either way as only a minimal amount of trade can 
affect the market greatly at this point.

   LEAN HOGS

   The lean hog complex has fought the same resistance that's developed in the 
cattle contracts but thankfully with the support from higher cash prices and a 
higher cutout value at midday prices are toying with the idea of trading 
higher. Heading into the afternoon the complex is split, trading mixed in 
nearby contracts and mostly higher in deferred. August feeders are down $0.27 
at $51.00, October feeders are up $0.05 at $50.40 and December feeders are down 
$0.12 at $51.75.

   The projected lean hog index for 7/13/2020 is up $0.44 at $46.08, and the 
actual index for 7/10/2020 is up $0.31 at $45.64. Hog prices are higher on the 
National Direct Morning Hog Report, up $0.27 with a weighted average of $30.72, 
ranging from $29.00 to $35.00 on 3,311 head and a five-day rolling average of 
$29.59. Pork cutouts total 227.78 loads with 210.81 loads of pork cuts and 
16.97 loads of trim. Pork cutout values: up $0.58, $68.10.

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

    




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