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DTN Midday Livestock Comments          06/29 11:54

   Cattle Futures Surge Higher at Midday              

   Aggressive support continues to develop through the morning as triple-digit 
gains are holding in both live cattle and feeder cattle futures. Post report 
shifts are leaving lean hog futures mixed Monday morning. 

By Rick Kment
DTN Analyst



GENERAL COMMENTS: 

   Strong gains in cattle futures and deferred lean hog contracts are setting 
the pace for buyers to step back into the market at the end of the month. Trade 
volume is light and is expected to remain that way through the rest of the week 
as the focus is on the upcoming holiday weekend. Corn prices are higher in 
light trade. July corn futures are 1 cent per bushel higher. Stock markets are 
lower in light trade. The Dow Jones is 220 points lower while Nasdaq is down 65 
points.

   LIVE CATTLE:

   Strong triple-digit gains have developed through midday as traders continue 
to focus on the sharp losses seen last week, and the potential to cover 
positions at the end of the month. Fundamentals have not changed, but there 
seems to be very little significance to push prices aggressively lower over the 
coming days. Cash cattle markets are quiet with show lists steady to slightly 
higher. It is expected to be the middle to end of the week before active trade 
is seen. Beef cut-outs at midday are mixed, 1.19 higher (select) and down 0.52 
per cwt (choice) with light movement of 64 total loads reported (38 loads of 
choice cuts, 11 loads of select cuts, six loads of trimmings, nine loads of 
ground beef).

   FEEDER CATTLE:

   Firm buyer support has jumped back into the feeder cattle futures as live 
cattle contracts have become the driver, and has sparked some short covering in 
the lightly traded trading session. It is expected that activity will remain 
light through most of the week, which may help to draw additional buyer 
interest back into the seemingly oversold market. 

   LEAN HOGS:

   Mixed trade continues to be seen through the morning with nearby contracts 
holding moderate to strong losses following the rally in hog numbers in 
Friday's hogs and pigs report. Triple-digit gains continue to develop in 
deferred contracts as the expectations that farrowing will ease through the 
next several months and should tighten up supplies over the long term. Prices 
are expected to hover in the current range through the rest of the trading 
session. Cash prices are lower on the National Direct morning cash hog report. 
The weighted average price fell $0.79 per cwt to $72.20 per cwt with the range 
from $71.66 to $75.00 per cwt on 3,128 head reported sold. Cash prices are 
unreported on the Iowa Minnesota Direct morning cash hog report. The National 
Pork Plant Report reported 151 loads selling with prices gaining $0.48 per cwt. 
Lean hog index for 6/25 is at $78.13 down 0.49, with a projected two-day index 
of $77.64 down 0.49.  

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


(BAS)

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