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DTN Midday Livestock Comments          10/08 12:04

   Strong Buyer Support Surfaces Midday                   

   Cattle futures have moved higher Thursday morning as early morning pressure 
has been quickly replaced by moderate to strong buyer support. Hog futures 
remain moderately mixed following firming pork prices in morning cutout 

By Rick Kment
DTN Analyst


   Early market pressure through cattle and hog futures has slowly backed out 
of the market, allowing for moderate to strong buyer support to redevelop. 
Feeder cattle futures are holding gains near $2 per cwt in front month October 
futures while nearby live cattle contracts are on either side of $1 per cwt 
higher. Hog futures have backed away from early losses, although narrow nearby 
gains are being offset by continued deferred market pressure. Corn prices are 
lower in light trade. December corn futures are 3 cents per bushel lower. Stock 
markets are mixed in light trade. The Dow Jones is 31 points higher while 
Nasdaq is down 31 points.


   Narrow to moderate losses held through most of the morning in live cattle 
futures, but increased buyer interest stepped back into the market with October 
futures trading $1 per cwt higher. The rest of the live cattle complex remains 
moderately higher based on the expectation that beef values will continue to 
bounce higher and eventually pull cash cattle prices higher. Cash cattle 
activity remains dead in the water with just a few bids seen Thursday around 
$118 in the South and $182 in the North. Both sides seem to be unwilling to 
aggressively point to any market movement at this point, as they wait for 
additional direction from futures trade. Asking prices are hovering around $128 
in the South and $203 and higher in the North. Beef cut-outs at midday are 
higher, $0.30 higher (select) and up $1.39 per cwt (choice) with active 
movement of 147 total loads reported (65 loads of choice cuts, 34 loads of 
select cuts, 7 loads of trimmings, 40 loads of ground beef).


   Strong triple-digit gains have developed midday in feeder cattle futures 
with front month October contracts holding the most significant rally at $1.80 
per cwt. The bullishness seen over the past two trading sessions has quickly 
been redeveloped through feeder cattle futures even though fundamental support 
has yet to be seen.  


   Light buyer support has trickled back into the complex Thursday late morning 
following renewed buyer support in the cattle complex. Although gains remain 
light through most of the morning, the ability to hold prices at this level 
could spark additional interest late in the week. Cash prices are lower on the 
National Direct morning cash hog report. The weighted average price fell $1.26 
per cwt to $69.94 per cwt with the range from $63.00 to $72.00 per cwt on 6,491 
head reported sold. Cash prices are lower on the Iowa Minnesota Direct morning 
cash hog report. The weighted average price fell $1.27 per cwt to $71.63 per 
cwt with the range from $63.00 to $72.00 per cwt on 656 head reported sold. The 
National Pork Plant Report reported 196 loads selling with prices up $2.02 per 
cwt. Lean hog index for 10/5 is at $73.75 up 0.37, with a projected two-day 
index of $74.29, up 0.54. 

   Rick Kment can be reached at 


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