DTN Midday Livestock Comments 11/14 11:35

DTN Midday Livestock Comments 11/14 11:35 Mixed Tones Dominate the Livestock Complex Midday Monday As the livestock complex warms up to Monday's arrival, the contracts are seeing mixed interest from traders midday. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The livestock complex is trading mixed into Monday's afternoon as the feeder cattle market rallies upon lower corn prices, but the live cattle market isn't as ambitious as traders know that this week's cash cattle market could be pressured again this week. Meanwhile, the lean hog complex is trading higher as both hog producers and packers hope that demand increases. December corn is down 1 1/4 cents per bushel and December soybean meal is down $1.50. The Dow Jones Industrial Average is up 67.50 points. LIVE CATTLE: The live cattle contracts are trading mostly lower into Monday's afternoon, although the spot December contract is trying to keep mildly elevated as traders begin to roll from the December contract to the February contract. This week's cash cattle market will likely see pushback again from packers as they've strategically been able to buy up enough cattle for the deferred delivery that it minimizes their need to support the current week's market. We also must remember that they're also buying for next week's holiday-shorted schedule, which will also give them more power to again push prices lower. December live cattle are up $0.05 at $151.57, February live cattle are down $0.70 at $152.55 and April live cattle are down $0.55 at $156.50. Last week's negotiated cash cattle trade totaled 102.284 head. Of that, 70% (72,043 head) were committed for the nearby delivery, while the remaining 30% (30,241 head) were committee for the deferred delivery. The bulk of last week's business took place on Wednesday, with a little cleanup trade on Thursday and Friday. Southern live cattle traded at $147 to $150, mostly at $150 however which was steady with the previous week's weighted average. Northern dressed cattle traded for $238 to $244, but mostly at $242, which was also steady with the previous week's weighted average. Boxed beef prices are lower: choice down $1.04 ($257.90) and select down $1.44 ($233.83) with a movement of 67 loads (25.37 loads of choice, 6.19 loads of select, zero loads of trim and 34.98 loads of ground beef). FEEDER CATTLE: The feeder cattle complex is off to a mildly higher start as the corn complex trades lower. The market isn't seeing spillover support from the live cattle sector, so paying close attention to any changes in grain prices will be vital to its wellbeing and ability to close higher this afternoon. January feeders are up $0.50 at $179.07, March feeders are up $0.30 at $181.45 and April feeders are up $0.10 at $184.70. LEAN HOGS: The lean hog complex is off to a stronger start as the market heads into Monday's afternoon. Even though processing speeds are expected to decline, hog producers are hoping that demand increases here domestically and potentially internationally too. It was also promising to hear that the conversation between President Biden and Chinese President Xi went well at the G20 summit as the U.S. market hopes to continue to export pork to China. December lean hogs are up $0.52 at $84.85, February lean hogs are up $0.82 at $89.22 and April lean hogs are up $0.40 at $94.50. The projected lean hog index is delayed from the source. Hog prices are lower on the Daily Direct Morning Hog Report, down $4.68 with a weighted average of $83.54, ranging from $83.00 to $92.50 on 3,369 head and a five-day rolling average of $85.98. Due to packer submission issues pork cutout values aren't available at this time. ShayLe Stewart can be reached [email protected] ** Cattlemen are eager for supply and demand mechanics to swing their way, but the market isn't completely free of hurdles as bearish concerns about the U.S. and global economies loom. Hear DTN Livestock Analyst ShayLe Stewart's thoughts on the 2023 cattle market at the all-virtual DTN Ag Summit on Dec. 12-13. Full details available at http://www.dtn.com/agsummit (c) Copyright 2022 DTN, LLC. All rights reserved.