DTN Midday Livestock Comments          09/22 11:51

   Cattle Contracts Dip Lower as Traders Long for Fundamental Support

   No cash cattle trade has developed yet and it's likely that trade will be 
delayed until later in the week. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mixed into Tuesday's noon hour as the 
cattle contracts are back to trading lower, but the lean hog complex continues 
to push onward. No cash cattle trade has developed yet and no bids or asking 
prices have been established at this point. December corn is down 3 cents per 
bushel and December soybean meal is up $4.20. The Dow Jones Industrial Average 
is down 234.81 points and the NASDAQ is up 54.75 points.

LIVE CATTLE:

   Although the market initially opened stronger, a lack of immediate 
fundamental support has sent the live cattle contracts trading lower into 
Tuesday's noon hour. It is worth noting that boxed beef prices are higher once 
again, but there's yet to be any developments in today's fed cash cattle 
market. Both bids and asking prices remain elusive at this point and it's most 
likely that the week's trade will be delayed until later in the week. October 
live cattle are down $2.47 at $218.47, December live cattle are down $2.85 at 
$219.17 and February live cattle are down $2.55 at $220.55. 

   Boxed beef prices are higher: choice up $1.98 ($378.33) and select up $2.57 
($358.34) with a movement of 54 loads (42.65 loads of choice, 4.04 loads of 
select, zero loads of trim and 6.86 loads of ground beef). 

FEEDER CATTLE:

   And just as one would suspect, if the live cattle contracts are trading 
lower, you can almost bet on the fact that the feeder cattle contracts are 
trading lower too. October feeders are down $2.47 at $327.77, November feeders 
are down $3.02 at $323.07 and January feeders are down $3.15 at $315.00. Demand 
was still strong in sales on Monday, and if the board's regression doesn't 
become much sharper, it's likely that sales could remain strong despite the 
board's slip. 

LEAN HOGS :

   But while the cattle contracts trade lower, the lean hog complex is 
continuing to trade higher thanks to continued trader support. Unfortunately 
the market may be pressured to maintain this momentum as pork cutout values are 
lower at today's noon hour -- but for the meantime, trader support is 
sufficient and the contracts are trading higher. October lean hogs are up $1.22 
at $79.37, December lean hogs are up $1.52 at $71.32 and February lean hogs are 
up $1.35 at $72.70. The projected lean hog index for 9/21/2026 is down $0.49 at 
$82.92 and the actual index for 9/18/2026 is down $0.60 at $83.42. 

   Hog prices are lower on the Daily Direct Morning Hog Report, down $0.55 with 
a weighted average price of $79.92, ranging from $73.00 to $84.00 on 10,575 
head and a five-day rolling average of $80.78. Pork cutouts total 174.11 loads 
with 162.33 loads of pork cuts and 11.77 loads of trim. Pork cutout values: 
down $0.60, $88.31.

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




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