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DTN Midday Livestock Comments          01/23 12:12

   Firm Gains Redevelop in Feeder Cattle Futures 

   Moderate to strong support has entered the market as traders shake off early 
pressure. The buyer interest may help to bring about increased market activity 
late Tuesday. 

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   Livestock futures are mixed midday Tuesday. The support in cattle markets 
have shaken off early trade pressure and the ability to push triple digit gains 
in nearby feeder cattle contracts is adding underlying support to all 
contracts. Corn prices are lower in light trade. March corn futures are 2 cents 
lower Tuesday. Stock markets are mixed in light trade. The Dow Jones is 6 
points lower while Nasdaq is up 24 points.

   LIVE CATTLE:

   Light to moderate buyer support is stepping into the live cattle complex. 
This is building on the gains which quickly developed Monday, and allowing 
prices to firm although most traders are taking a much less aggressive approach 
to the market. There is likely to be some additional market trade activity 
through the middle of the week in nearby live cattle futures. Cash cattle 
markets are quiet with bids undeveloped at this point of the week. There is 
likely to be very little interest shown before midweek and active trade is 
expected to be pushed to Thursday or Friday. Boxed Beef cut-outs at midday are 
higher, $0.34 higher (select) and up $1.37 per cwt (choice) with light movement 
of 59 total loads reported (21 loads of choice cuts, 22  loads of select cuts, 
8 loads of trimmings, 7 loads of ground beef). 

   FEEDER CATTLE:

   Feeder cattle futures have posted moderate to strong support across the 
market. This is helping to push prices higher, and build on the support seen 
Monday. Nearby contracts are holding a triple-digit gain. The overall support 
across the market continues to draw buyer support through the complex as 
traders look for increased movement over the end of the week.   

   LEAN HOGS:

   Narrow trading ranges are seen through with prices mixed in the narrow 
range. Front month futures are seen 50 cents per cwt higher while the rest of 
the complex is holding losses of 10 to 50 cents per cwt. There is likely to be 
some additional longer term weakness across the market following the overall 
softness in ash markets. There is additional movement expected through the end 
of the session, although traders are likely to keep prices in the current 
range. Cash prices are higher on the National Direct morning cash hog report. 
The weighted average price is up $0.19 at $69.47 per cwt with the range from 
$62.00 to $70.00 on 4,317 head reported sold. Cash prices are lower on the 
Iowa/Minnesota Direct morning cash hog report. The weighted average price is 
down $0.38 at $69.25 per cwt with the range from $62.00 to $70.00 on 1,380 head 
reported sold. The National Pork Plant Report posted 185 loads selling with 
carcass values adding $1.21 per cwt. Lean hog index for 1/19 is at $73.40 down 
$0.27 with a projected two-day index of $73.39, down $0.01. 

   Rick Kment can be reached at rick.kment@dtn.com 


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