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DTN Midday Livestock Comments          11/12 11:52

   Limited Trade Keeps Cattle Futures Mixed

   Light volume is seen in all livestock trade as the observance of Veterans 
Day is keeping trade activity limited. Mixed cattle markets are being offset by 
strong gains in hog futures.

By Rick Kment
DTN Analyst

General Comments

   Light activity is seen through the livestock complex with narrowly mixed 
cattle trade focusing on overall sluggish trader interest. Firm gains are 
holding in hog trade, although the light volume may limit the authenticity of 
these moves later in the week. Corn markets are higher in light to moderate 
trade. December corn futures are 1 cent higher. Stock markets are lower in 
light trade. The Dow Jones is 427 points lower while Nasdaq is down 158 points.

   LIVE CATTLE:

   Live cattle futures are holding mixed price moves in a narrow range as very 
limited activity has developed across the complex. Many traders are remaining 
out of the market due to the holiday, and likely to become more aggressive 
early Tuesday as trade activity is expected to be back to full strength. Prices 
are hovering from 22 cents lower to 10 cents higher with most contracts holding 
single-digit price moves at midday. General market inactivity is expected to 
allow markets to trickle into closing bell with no significant market 
direction. Cash cattle market interest remains at a standstill with show list 
distribution and inventory taking seen during the day Monday. It is expected 
that bids will not be available until midweek or later which is likely to push 
trade off until Thursday or Friday once again. Boxed Beef cut-outs at midday 
are higher, $1.38 higher (select) and up $0.46 per cwt (choice) with light 
movement of 51 total loads reported (26 loads of choice cuts, 14 loads of 
select cuts, 5 loads of trimmings, 7 loads of ground beef).

   FEEDER CATTLE:

   Limited trade volume has allowed prices to bounce higher and lower in a 
moderate trading range through most of the morning. Prices are contained from 
40 cents lower to 25 cent gains, although at midday, most contracts are holding 
narrow gains. Very little longer-term direction has been seen through the 
morning, and that is expected to continue through most of the session due to 
the observance of Veterans Day. This may allow for additional sluggish market 
shifts through the remainder of the session.

   LEAN HOGS:

   Strong gains have quickly swept through the lean hog futures complex with 
triple-digit gains seen in January through August contracts months. The recent 
market pressure over the last couple of weeks has left the market soft, 
allowing the limited trade volume to take advantage of short covering activity 
during the Monday session. Little has changed in the overall direction of the 
market with traders focusing on additional activity developing later in the 
week. Cash prices are lower on the National Direct morning cash hog report. The 
weighted average price is $0.32 lower at $53.08 per cwt with the range from 
$47.00 to $54.75 on 512 head reported sold. Cash prices are unreported due to 
confidentiality on the Iowa/Minnesota Direct morning cash hog report. The 
National Pork Plant Report posted 223 loads selling on the morning report. Pork 
carcass values added $2.00 per cwt at $72.27 per cwt. Lean hog index for 11/9 
is unavailable at this time, with a projected two-day index of 63.38, down 
0.34. 

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


(CZ)

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