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DTN Midday Livestock Comments          07/31 13:26

   Steady Gains Heading Into Friday Afternoon for Livestock Contracts

   Heading into the final stretch before the weekend, livestock contracts are 
looking like a stronger close may be attainable for all three sectors.

ShayLe Stewart
DTN Livestock Analyst

   General Comments

   Steady, manageable gains seem to be the trend in the livestock complex 
heading into the afternoon which could lead the day to close fully higher 
throughout all three livestock contracts. The cash markets are extremely quiet 
as packers are having submission problems with the cash hog prices, and for the 
cash cattle market some packers have inquired on cattle, but the day remains 
mostly quiet. December corn is up 1/4 cent per bushel and December soybean meal 
is down $0.90. The Dow Jones Industrial Average is down 201.65 points and 
NASDAQ is up 25.73 points.

   LIVE CATTLE

   Live cattle contracts are happily heading into Friday afternoon trade 
without much worry as the complex is taking these easy $0.20 to $0.60 gains 
with ease. August live cattle are up $0.42 at $102.15, October live cattle are 
up $0.52 at $107.27 and December live cattle are up $0.52 at $110.97. The cash 
cattle market has been mostly quiet Friday morning with packers inquiring on a 
few cattle here and there but without much urgency to get anything bought. 
Nebraska sold some cattle Friday morning live for $100, steady with the week's 
trend, and packers have bids on cattle in Colorado for $98.

   Boxed beef prices are mixed: choice up $1.58 ($203.38) and select down $0.44 
($191.06) with a movement of 55 loads (37.43 loads of choice, 7.60 loads of 
select, 5.94 loads of trim and 3.75 loads of ground beef).

   FEEDER CATTLE

   Feeder cattle contracts have spent most of the week rebuilding to the 
$143.85 level that Monday quickly dropped lower from. Seeing that the market is 
rallying $0.55 to $1.00 stronger (with deferred contracts being most 
boisterous) the nearby contracts could very well keep with their modest 
progression but leave the hard decisions up to next week. At some point the 
market will either solidify that the $143.80 to $144.00 range is an extremely 
strong resistance plane that support can't seem to trade through, or adversely, 
because of the countryside's robust strength the market will end its sideways 
trade and head higher. August feeders are up $0.60 at $143.62, September 
feeders are up $0.70 at $145.12 and October feeders are up $0.92 at $145.45.

   LEAN HOGS

   Friday's trade as been more favorable to the lean hog complex as contracts 
trade steadily $0.02 to $0.72 stronger into the afternoon. August lean hogs are 
up $0.17 at $51.60, October lean hogs are up $0.72 at $49.05 and December lean 
hogs are up $0.27 at $50.05. It's looking like packers wont' be swooping in to 
boost the cash trade or to buy upwards of 10,000 hogs through Friday, but 
Friday's modest rally comes as a pleasant surprise nonetheless.

   The projected lean hog index for 7/30/2020 is down $0.03 at $53.53, and the 
actual index for 7/29/2020 is up $0.60 at $53.56. Hog prices are lower on the 
National Direct Morning Hog Report, down $0.02 with a weighted average of 
$41.37, ranging from $40.00 to $41.80 on 3,829 head and five-day rolling 
average of $41.87. Pork cutouts total 252.82 loads with 225.41 loads of pork 
cuts and 27.41 loads of trim. Pork cutout values: up $1.00, $68.57.

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




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