DTN Midday Livestock Comments          05/19 11:34

   Cattle Inch Higher While the Hog Contracts Slide Lower

   Still no cash cattle trade has developed and both bids and asking prices 
remain elusive at this point.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is again trading mixed into Tuesday's noon hour as the 
cattle contracts modestly rally into the afternoon, while the lean hog 
contracts continue to struggle. Still no cash cattle trade has developed. July 
corn is down 2 1/4 cents per bushel and July soybean meal is down $2.50. The 
Dow Jones Industrial Average is down 171.96 points and NASDAQ is down 244.97 
points.

LIVE CATTLE:

   The live cattle complex is trading mostly higher into Tuesday's noon hour, 
as the contracts are hopeful that fundamental support will firmly develop later 
in the week, but are pleased with the slight uptick in boxed beef prices to 
start the week off. June live cattle are up $0.90 at $254.27, August live 
cattle are down $0.17 at $246.02 and October live cattle are up $0.02 at 
$238.97. You'll notice a touch of hesitancy in the spot August contract, which 
likely stems from the contract being near resistance level. More than anything, 
the market is hopeful that fundamental support will develop from the cash 
market. However, it is also aware that as packers buy for a holiday-shortened 
weekend and with a Cattle on Feed report set to be released on Friday, the cash 
market may not be as fruitful as it has been in recent weeks.

   Boxed beef prices are higher: choice up $3.61 ($395.75) and select up $3.65 
($393.88) with a movement of 43 loads (27.61 loads of choice, 6.43 loads of 
select, zero loads of trim and 9.17 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is also enjoying a modest rally into Tuesday's 
noon hour as traders are willing to let the contracts trade higher so long as 
the live cattle contracts continue to do so. August feeders are up $3.02 at 
$361.87, September feeders are up $2.65 at $358.85 and October feeders are up 
$2.55 at $355.65. And so long as the live cattle contracts continue to rally 
through the afternoon, the feeder cattle contracts will likely do so as well.

LEAN HOGS:

   The lean hog contracts are trading lower into Tuesday's noon hour as the 
market continues to struggle to find the support it needs to establish some 
technical momentum. June lean hogs are down $0.32 at $98.20, July lean hogs are 
down $0.30 at $102.45 and August lean hogs are down $0.77 at $102.45. The 
biggest strain on the pork cutout values this morning was the $3.37 decline in 
the loin. The projected lean hog index is delayed from the source. Hog prices 
on the Daily Direct Morning Hog Report average $94.35, ranging from $87.00 to 
$95.00 on 370 head and a five-day rolling average of $94.15. Pork cutouts total 
261.58 loads with 226.71 loads of pork cuts and 34.86 loads of trim. Pork 
cutout values: down $0.48, $97.88.

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




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