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DTN Midday Livestock Comments          02/27 11:38

   Holding Tones Summarize Tuesday's Livestock Business

   It's a dreary day for the livestock complex as all three of the markets are 
trading lower.

ShayLe Stewart
DTN Livestock Analyst


   The livestock complex is trading lower as the market finds little interest 
from traders. No cash cattle trade has developed and it's likely that trade 
will be delayed until later in the week. May corn is up 3 cents per bushel and 
May soybean meal is down $2.30. The Dow Jones Industrial Average is down 171.84 


   The live cattle complex is trading mildly lower as the market is in a 
holding spell like the rest of the livestock contracts. Traders have noted 
however that boxed beef prices are higher again and that the choice cut is well 
above $300.00. The additional strength of the boxed beef market could pressure 
packers to up chain speeds as they'd like to capitalize on good beef prices -- 
but if they do so they'll likely have to pay slightly higher prices in this 
week's cash market again. No cash cattle trade has developed yet and it's 
likely that trade is delayed until Thursday or Friday. Asking prices in the 
South are noted at $185 to $186 but remain unestablished in the North. April 
live cattle are down $0.62 at $187.45, June live cattle are down $0.77 at 
$183.32 and August live cattle are down $0.77 at $182.42.

   Boxed beef prices are higher: choice up $0.45 ($302.24) and select up $2.73 
($290.72) with a movement of 58 loads (33.05 loads of choice, 6.31 loads of 
select, 8.99 loads of trim and 9.69 loads of ground beef).


   The feeder cattle complex is trading lower again as the market seems to be 
waiting for something -- whether that's a weaker tone in corn prices, some 
action in the cash cattle market, or a positive move in the live cattle 
contracts -- the market seems to be at a stalemate at this point in time. March 
feeders are down $0.95 at $252.10, April feeders are down $0.75 at $258.15 and 
May feeders are down $1.10 at $260.47.


   The lean hog complex hasn't found much support in Tuesday's market as 
traders simply seem uninterested in doing much trading in the hog sector. April 
lean hogs are down $0.32 at $85.95, June elan hogs are down $0.47 at $99.37 and 
July lean hogs are down $0.10 at $100.45. With pork cutout values higher the 
market could see trader interest improve, but traders could also wait until 
later in the week when they see how export sales fair before they do much 

   The projected lean hog index for 2/26/2024 is up $0.32 at $79.78, and the 
actual index for 2/23/2024 is up $0.36 at $79.46. Hog prices are higher on the 
Daily Direct Morning Hog Report, up $0.61 with a weighted average price of 
$70.70, ranging from $67.00 to $72.50 on 1,614 head and a five-day rolling 
average of $72.29. Pork cutouts total 170.69 loads with 148.44 loads of pork 
cuts and 22.25 loads of trim. Pork cutout values: up $1.85, $92.84.

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

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