DTN Midday Livestock Comments          11/25 11:37

   Sluggish Post-Holiday Trades Pushes Livestock Complex Lower

   The livestock complex is drifting lower into Friday's afternoon, as the 
contracts aren't seeing the support, they need to justify higher trade.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is drifting lower into Friday's afternoon as the 
market longs for trader support and interest, but understands that most traders 
have checked out for long holiday weekend. The cash cattle market has seen any 
more trade develop and its looking like this week's cash market has seen most 
of what is going to see. December corn is up 4 3/4 cents per bushel and January 
soybean meal is down $1.20. The Dow Jones Industrial Average is up 178.34 
points.

LIVE CATTLE:

   The live cattle complex is also trending lower into Friday's afternoon as 
the market sees little interest from traders as many are out for a long holiday 
weekend. The cash cattle market hasn't seen much more action report and no bids 
have been renewed. Some late trade has been reported from Wednesday afternoon, 
but other than that, the cash market is still stagnant. Throughout the week, 
Northern cattle traded for $245 dressed, which is $3.00 higher than last week's 
weighted average. Southern live cattle traded for $154 to $155, which is 
roughly $4.00 higher than last week's weighted average. The futures market will 
likely keep with this sideways chop through closing and wait until next week to 
reassess the marketplace. December live cattle are down $0.20 at $153.15, 
February live cattle are down $0.37 at $155.05 and April live cattle are down 
$0.25 at $158.87.

   Beef net sales of 12,900 mt for 2022 were primarily for South Korea (4,600 
mt), China (4,100 mt) and Japan (1,700 mt).

   Boxed beef prices are mixed: choice down $0.61 ($251.95) and select up $2.60 
($235.93) with a movement of 39 loads (24.12 loads of choice, 3.23 loads of 
select, 7.07 loads of ground beef and 4.54 loads of trim).

FEEDER CATTLE:

   The feeder cattle complex is trading lower as the grain market is fronting a 
modest rally heading into Friday's afternoon. January feeders are down $0.80 at 
$178.45, March feeders are down $0.72 at $181.62 and April feeders are down 
$0.67 at $185.37. With not much news driving the markets ahead of the week's 
end, it's likely that the feeder cattle complex will close with this same lame 
dog tone.

LEAN HOGS:

   The lean hog complex is keeping with its steady to somewhat lower trend 
heading into Friday's afternoon. With some traders taking in a long-holiday 
weekend, there's not much news driving the livestock contracts ahead of 
Friday's end. Come next week, the market will be looking for early Christmas 
buying from retailers and is hopeful that pork cutout prices may see some 
support from that. December lean hogs are down $0.22 at $83.77, February lean 
hogs are down $0.25 at $88.55 and April lean hogs are down $0.50 at $94.05.

   Pork net sales of 45,800 mt for 2022 were primarily for Mexico (18,200 mt), 
Japan (10,200 mt) and Canada (4,100 mt).

   The projected lean hog index is delayed from the source. Hog prices on the 
Daily Direct Morning Hog Report average $82.39, ranging from $78.50 to $87.50 
on 2,380 head and a five-day rolling average of $82.00. Pork cutouts total 
143.39 loads with 126.34 loads of pork cuts and 17.05 loads of trim. Pork 
cutout values: down $1.82, $87.54.

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

   **

   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




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