DTN Midday Livestock Comments          11/29 11:30

   Cattle See Modest Support at Tuesday's Noon Hour

   The livestock complex is seeing mixed interest from traders as the cattle 
contracts trade higher into Tuesday's afternoon, but the lean hog complex can't 
muster up any support.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The cattle contracts are trading higher into Tuesday's afternoon as the 
market finds comfort in slightly cheaper corn prices and assumes that this 
week's cash sector will trade steady, if not higher again this week. The lean 
hog complex is teetering but trading mostly lower as the market longs for 
support and hopes to see more in afternoon pork cutout values. March corn is 
down 1 1/2 cents per bushel and January soybean meal is down $4.20. The Dow 
Jones Industrial Average is down 116.52 points.

LIVE CATTLE:

   The live cattle complex is trading higher into Tuesday's afternoon as the 
market clings to the support that's been driving the cash sector higher. 
December live cattle are up $0.02 at $152.60, February live cattle are up $0.20 
at $154.87 and April live cattle are up $0.10 at $158.55. The cash cattle 
market hasn't seen any business develop yet and it's not likely that the market 
sees any real interest until Wednesday, or potentially Thursday if feedlots 
accomplish pushing this week's market higher again. Early asking prices in the 
South are noted at $156 to $157 in the South but are still unestablished in the 
North. If the contracts are able to close higher come Tuesday's end, the market 
could trade favorably into Wednesday's market as it sees both technical and 
fundamental support.

   Boxed beef prices are lower: choice down $1.18 ($253.35) and select down 
$1.99 ($226.54) with a movement of 82 loads (44.02 loads of choice, 16.75 loads 
of select, 9.64 loads of trim and 11.21 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is attempting to find support in Tuesday's market 
as the complex leans on the live cattle market's slightly higher trade and 
finds comfort in slightly lower grain prices. January feeders are up $0.67 at 
$177.55, March feeders are up $0.47 at $181.00 and April feeders are up $0.37 
at $184.77. It's also helping that Monday's CME feeder cattle index closed 
$3.56 higher, proving that buyers are looking to the market's auctions and 
trying to find deals where they can make money and continue to participate.

LEAN HOGS:

   The lean hog complex has traded back and forth throughout Tuesday's market, 
trying to decide if it should trade higher or lower. At this point, the market 
is trading mostly lower into Tuesday's afternoon as the market looks at cheaper 
pork cutout values at noon, and only modest interest in the cash market. One 
would think that, with Monday's sharp decline, which led prices to close at the 
lowest point they've been at in mid-October, the complex would trade steady or 
somewhat higher, but the lack of demand keeps the market treading lower. 
December lean hogs are up $0.42 at $81.02, February lean hogs are down $0.10 at 
$84.65 and April lean hogs are down $0.42 at $90.07.

   The projected lean hog index for Nov. 28 is down $0.42 at $84.12, and the 
actual index for Nov. 25 is down $0.93 at $84.63. Hog prices are higher on the 
Daily Direct Morning Hog Report, up $0.31 with a weighted average of $82.04, 
ranging from $76.50 to $87.50 on 6,140 head and a five-day rolling average of 
$82.00. Pork cutouts total 173.65 loads with 148.38 loads of pork cuts and 
25.27 loads of trim. Pork cutout values: down $0.75, $88.77.

   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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