DTN Midday Livestock Comments          09/24 12:06

   Mixed Tones Keep with the Livestock Complex at Thursday's Noon Hour 

   This afternoon could be busy as the Quarterly Hogs and Pigs report is set to 
be released and trade could break loose in the fed cash cattle market.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mixed into Wednesday's noon hour with the 
cattle contracts seeing excellent support -- but the hog contracts are back to 
trading lower. Bids are currently on the table in Nebraska but no trade has 
been noted yet. December corn is down 8 1/2 cents per bushel and December 
soybean meal is down $0.40. The Dow Jones Industrial Average is down 311.06 
points and the NASDAQ is down 299.72 points.

LIVE CATTLE:

   The live cattle complex is trading mixed into Thursday's noon hour. As 
traders remain hopeful that fundamental support will shine through the fed cash 
cattle market later this week, but the nearby contracts are trading lower as 
traders know better than to count their eggs before they hatch. October 2026 
through February 2027 are trading lower, but the rest of the deferred months 
are all trading higher. October live cattle are down $1.12 at $219.80, December 
live cattle are down $0.50 at $221.90 and February live cattle are down $0.05 
at $223.60. Heading into Thursday's noon hour, the fed cash cattle market still 
hasn't seen much progress. Currently there are bids being offered again in 
Nebraska at $350, and a few more sales have been noted at that price, but no 
large volumes have been traded today. And there's yet to be any developments in 
the Southern plains. It's looking like the vast majority of the week's trade 
could be delayed until Friday. 

   Boxed beef prices are lower: choice down $2.28 ($375.03) and select down 
$0.05 ($352.29) with a movement of 66 loads (45.98 loads of choice, 8.81 loads 
of select, zero loads of trim and 10.75 loads of ground beef). 

FEEDER CATTLE:

   The feeder cattle complex is trading higher into Thursday's noon hour as 
demand this week in the countryside has been strong for feeder cattle and 
calves, and as traders remain hopeful that come later this afternoon or 
tomorrow the fed cash cattle market could trade higher. October feeders are up 
$0.47 at $333.80, November feeders are up $0.75 at $330.25 and January feeders 
are up $1.30 at $322.97. So long as the live cattle complex doesn't turn much 
lower, it's likely that the feeder cattle contracts may be able to keep their 
elevated position even though some of the live cattle contracts are trading 
lower. 

LEAN HOGS :

   In anxious anticipation ahead of this afternoon's Quarterly Hogs and Pigs 
Report, the lean hog complex is trading lower into Thursday's noon hour. 
October lean hogs are down $0.55 at $79.32, December lean hogs are down $0.80 
at $69.52 and February lean hogs are down $1.10 at $70.92. And while yes midday 
pork cutout values are up slightly, it's not enough of an increase to really 
lend the market much more support. The projected lean hog index for 9/23/2026 
is down $0.27 at $82.20 and the actual index for 9/22/2026 is down $0.45 at 
$82.47. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.32 
with a weighted average price of $79.01, ranging from $78.00 to $83.00 on 870 
head and a five-day rolling average of $79.93. Pork cutouts total 134.62 loads 
with 121.29 loads of pork cuts and 13.34 loads of trim. Pork cutout values: up 
$0.18, $87.00. 

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




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