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DTN Midday Livestock Comments          05/23 11:42

   Strong Gains Develop Midweek  

   Triple-digit gains have developed through the morning in cattle and hog 
futures. This buyer support is driven by follow through interest moving into 
the cattle complex. 

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   Firm gains have developed Wednesday morning as traders are looking for 
increased overall support through the complex. Triple-digit gains are seen in 
all markets as traders look to expand gains seen earlier in the week in cattle 
trade. Corn prices are higher in light trade. May corn futures are 2 cents 
higher. Stock markets are lower in light trade. The Dow Jones is 153 points 
lower while Nasdaq is down 12 points.

   LIVE CATTLE:

   Strong gains are seen in late summer and early fall contract months with 
august futures leading the market higher with a $1.75 per cwt rally. This move 
higher is helping to draw additional buyer support back to the table as the 
price spread between the June and August contracts remains sluggish. There is 
growing uncertainty as to just how much additional price support will develop 
through the end of the session and week ahead of the upcoming long holiday 
weekend. Cash cattle bids have started to develop through the morning Wednesday 
with live bids seen at $108 and $175 per cwt dressed. These bids are expected 
to increase through the day. The preliminary report from the Fed Cattle 
Exchange Auction today listed a total of 225 head (only 2 lots set for 1-9 day 
delivery for Kansas, no other states had cattle listed), with 0 actually sold, 
225 head listed as unsold, and 0 head listed as PO (Passed Offer). Boxed Beef 
cut-outs at midday are mixed, $0.66 lower (select) and up $0.97 per cwt 
(choice) with moderate movement of 91 total loads reported (38 loads of choice 
cuts, 21 loads of select cuts, 16 loads of trimmings, 17 loads of ground beef). 

   FEEDER CATTLE:

   Gains through the feeder cattle futures are holding from $1.50 to $2 per cwt 
through late morning as follow through buyer support moves back into the very 
limited support through the complex. May contracts still remain lightly traded 
with prices 45 cents per cwt higher, although August through October contracts 
are trading at $142 per cwt with gains near $1.80 per cwt. Trade may slow 
following the end of the session as traders focus on the upcoming holiday 
weekend. 

   LEAN HOGS:

   Firm gains have continued to hold through the morning with triple-digit 
gains seen in June and July contracts. This may develop increased buyer support 
through the end of the session with June contracts are trading at $74.40 per 
cwt. There is growing support through the market, although the potential to 
hold early support may cause some additional erosion through the entire 
complex. Cash prices are unreported due to confidentiality on the National 
Direct morning cash hog report. Cash prices are unreported due to 
confidentiality on the Iowa/Minnesota Direct morning cash hog report. The 
National Pork Plant Report posted 155 loads selling with carcass values falling 
$1.62 per cwt. Lean hog index for 5/21 is at $68.69 up 0.33 with a projected 
two-day index of $69.03, up 0.34

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


(SK)

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