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DTN Midday Livestock Comments          11/06 11:51

   Support from the Equity Market Drives the Livestock Contracts Higher

   Asking prices are now noted in the South at $190 to $192, but are still not 
established in the North and no bids have been offered yet.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mostly higher into Wednesday's noon hour as 
the complex is thriving thanks to the added support of the equity markets 
surge. No bids are currently on the table, but asking prices are noted in the 
South at $190 to $192. December corn is up 6 1/4 cents per bushel and December 
soybean meal is down $2.30. The Dow Jones Industrial Average is up 1,353.24 
points.

LIVE CATTLE:

   As the live cattle complex watches the equity market thrive and the Dow 
Jones trading consistently around 1,300 points higher this morning -- traders 
are back to mildly supporting the live cattle complex even though the market 
was pressured earlier this week. December live cattle are up $0.62 at $185.40, 
February live cattle are up $0.85 at $186.80 and April live cattle are up $0.65 
at $187.65. Still no cash cattle trade has developed, but asking prices are now 
being noted in parts of Kansas at $190 to $192. It is expected that the cash 
cattle market will trade slightly lower this week as packers have been able to 
buy up inventory over the last couple of weeks, which lessens their need to be 
as aggressive in the cash sector this week.

   Boxed beef prices are lower: choice down $0.36 ($316.85) and select up $1.49 
($283.75) with a movement of 86 loads (42.83 loads of choice, 14.77 loads of 
select, 4.89 loads of trim and 23.43 loads of ground beef).

FEEDER CATTLE:

   Earlier today the feeder cattle market was trading sharply higher when corn 
prices were trading lower, but now that the nearby corn contracts are trading 
$0.05 to $0.06 higher the market is trading in a moderately higher manner. 
November feeders are up $1.37 at $247.52, January feeders are up $1.35 at 
$243.70 and March feeders are up $0.77 at $241.27. But with the live cattle 
market's higher trend, the feeder cattle market should be able to maintain 
these higher levels through the day's end as technical support is ample.

LEAN HOGS:

   The lean hog complex is trading mixed into Wednesday's noon hour as the 
market tries to grasp what is next to come with another Trump Presidency. 
Earlier today the market seemed anxious as the U.S. dollar showed some strength 
which could affect export opportunities later down the road. And with Mexico 
being one of the largest buyers of U.S. pork, keeping that relationship open 
and workable for sales remains important for the hog sector. But thankfully the 
market has again turned higher as it's hard for the market not to thrive when 
the equity sector is rallying as aggressively as it is. December lean hogs are 
up $0.40 at $81.52, February lean hogs are up $0.55 at $85.07 and April lean 
hogs are up $0.25 at $88.35.

   The projected lean hog index for 11/5/2024 is up $0.45 at $90.24, and the 
actual index for 11/4/2024 is up $0.41 at $89.79. Hog prices are higher on the 
Daily Direct Morning Hog Report, up $1.91 with a weighted average price of 
$84.30, ranging from $78.00 to $87.00 on 2,004 head and a five-day rolling 
average of $82.82. Pork cutouts total 146.96 loads with 129.63 loads of pork 
cuts and 17.33 loads of trim. Pork cutout values: up $1.75, $103.18.

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

    




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