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DTN Midday Livestock Comments          06/13 11:42

   Lackluster Tones Summarize Thursday's Livestock Trade

   Bids are currently being offered in Kansas and Nebraska, but still no cash 
cattle have traded as feedlots are hopeful to see stronger prices this week.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Thus far it's been a rather slow, and lackadaisical day for the livestock 
complex as even though the morning's export report was modestly helpful to the 
hog complex, lean hog prices are trading lower, and with no cash cattle trade 
having developed, both the live cattle and feeder cattle contracts are trading 
lower. Bids are currently being offered in Kansas and Nebraska, but with 
feedlots determined to let the market trade no softer than steady, trade will 
likely be delayed until Friday at this point. July corn is up 3 1/2 cents per 
bushel and July soybean meal is up $7.40. The Dow Jones Industrial Average is 
down 294.79 points.

   Thursday's export report shared that beef net sales of 12,000 mt for 2024 
were down 17% from the previous week and 28% from the prior 4-week average. The 
three largest buyers were South Korea (3,300 mt), Japan (3,000 mt) and Canada 
(1,400 mt). Pork net sales of 30,100 mt for 2024 were up 1% from the previous 
week but down 1% from the prior 4-week average. The three largest buyers were 
Mexico (14,000 mt), Japan (4,200 mt) and Colombia (2,600 mt).

LIVE CATTLE:

   With the cash cattle market still not having traded, traders are continuing 
to let the live cattle contracts drift slightly lower. June live cattle are up 
$0.02 at $183.67, August live cattle are down $0.10 at $178.25 and October live 
cattle are down $0.40 at $180.65. There are a few bids currently being offered; 
$185 live in Kansas, $193 live in Nebraska, and $303 dressed in Nebraska, but 
with feedlots desiring at least steady if not higher prices again this week, 
they've yet to pull the trigger to let any cattle trade yet today. Asking 
prices are firm in the South at $187 to $188 but are still not noted for the 
North. It's most likely that trade waits to develop until Friday as feedlots 
are determined to keep this week's trade at least steady.

   Boxed beef prices are mixed: choice down $0.19 ($317.41) and select up $0.24 
($299.17) with a movement of 59 loads (26.25 loads of choice, 12.50 loads of 
select, 10.13 loads of trim and 10.09 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is continuing to trade lower as technically 
speaking, traders are hungry for some support from the live cattle/cash cattle 
market. Even though the board has been under some pressure as of late, 
fundamentally the market continues to thrive as buyers are showing continued 
interest and willingness to support the market at its historically high price 
point. August feeders are down $1.52 at $256.05, September feeders are down 
$1.57 at $256.90 and October feeders are down $1.50 at $257.35.

LEAN HOGS:

   Even though the morning's export report was relatively supportive, the lean 
hog complex is continuing to trade lower. It's not helping matters that today's 
midday pork cutout values are lower, which today is being driven by weaker 
prices across most of the cuts, not just from a nose-drive in the belly's 
price. July lean hogs are down $0.67 at $93.02, August lean hogs are down $0.60 
at $89.35 and October lean hogs are down $0.50 at $76.55.

   The projected lean hog index for 6/12/2024 is up $0.20 at $91.58, and the 
actual index for 6/11/2024 is up $0.06 at $91.38. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $0.12 with a weighted average price of 
86.96, ranging from $86.00 to $89.00 on 699 head and a five-day rolling average 
of $86.80. Pork cutouts total 119.18 loads with 104.69 loads of pork cuts and 
14.48 loads of trim. Pork cutout values: down $0.46, $98.55.

    

   **

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Market's Ups and Downs. The cattle market's anything but predictable these 
days. It seemed poised for a comeback, only to be hit with an avian influenza 
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   ShayLe Stewart can be reached shayle.stewart@dtn.com

    




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