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DTN Midday Livestock Comments          09/28 11:32

   Livestock Leap Higher

   No new cash cattle trade has been reported thus far through Thursday's 
trade, but more sales will likely develop ahead of the weekend.

ShayLe Stewart
DTN Livestock Analyst

General Comments

   Even though there are still concerns about whether a government shutdown 
will occur, and about out economic state as a nation, the livestock contracts 
have elected to look past those pressures this morning as all three of the 
markets are trading higher. Heading into this afternoon be on the lookout for 
the Quarterly Hogs and Pigs Report as well as Thursday's actual slaughter data. 
December corn is up 4 3/4 cents per bushel and December soybean meal is up 
$3.50. The Dow Jones Industrial Average is up 170.30 points.


   Like the feeder cattle market, the live cattle complex is back to trading 
higher as traders find the market's downturn endured earlier this week enough 
for the time being. No more cash cattle trade has developed, but it's likely 
that more will pop up in small increments here and there before the week's end. 
Thus far this week Southern live cattle have traded for $183 which is steady 
with last week's weighted average, and Northern dressed cattle have traded for 
mostly $290 to $292 which is $1.00 to $2.00 lower than last week's weighted 
average. Asking prices for cattle left on showlists remain at $183 plus in the 
South and $292 plus in the North. Heading into this afternoon be on the lookout 
for Thursday's actual slaughter data as last week steer prices jumped nine 
pounds from the week before. October live cattle are up $1.85 at $186.75, 
December live cattle are up $2.57 at $190.75 and February live cattle are up 
$2.47 at $194.87.

   Beef net sales of 17,700 mt for 2023 were up 29% from the previous week and 
42% from the prior 4-week average. The three primary buyers were Japan (3,900 
mt), South Korea (3,500 mt) and China (3,200 mt).

   Boxed beef prices are mixed: choice up $0.53 ($301.48) and select down $0.29 
($278.22) with a movement of 70 loads (31.00 loads of choice, 23.92 loads of 
select, 3.03 loads of trim and 12.39 loads of ground beef).


   After feeling the market's pressure throughout the earlier part of the week, 
the feeder cattle contracts are now back to trading higher as traders believe 
the downside endured has been enough at this point. Thankfully the market still 
sits with tremendous fundamental support which is helping alleviate some of the 
technical, economic and political pressures that continue to loom over the 
marketplace. October feeders are up $2.37 at $254.62, November feeders are up 
$2.87 at $257.67 and January feeders are up $2.82 at $260.22.


   The lean hog complex is rallying into Thursday's noon hour as the market 
anxiously awaits this afternoon's Hogs and Pigs Report. The report is expected 
to be favorable to the market as sows have been culled and numbers are expected 
to remain depleted well into 2024. October lean hogs are up $1.62 at $83.72, 
December lean hogs are up $2.95 at $75.72 and February lean hogs are up $2.62 
at $78.90. The report will be released after today's close which likely means 
that traders will react to the report first thing Friday morning.

   The projected lean hog index for 9/27/2023 is unchanged at $86.14, and the 
actual index for 9/26/2023 is down $0.17 at $86.14. Hog prices are lower on the 
Daily Direct Morning Hog Report, down $0.64 with a weighted average price of 
$76.08, ranging from $72.00 to $77.00 on 1,776 head and a five-day rolling 
average of $77.10. Pork cutouts total 152.30 loads with 135.22 loads of pork 
cuts and 17.08 loads of trim. Pork cutout values: down $1.56, $96.20.

   Pork net sales of 27,400 mt for 2023 were down 9% from the previous week and 
6% from the prior 4-week average. The three primary buyers were Mexico (11,600 
mt), Japan (4,500 mt) and South Korea (3,900 mt).

   ShayLe Stewart can be reached

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