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DTN Midday Livestock Comments          12/11 12:02

   Feeder Cattle Markets Rally Higher Midday

   Strong pressure seen in livestock markets has been replaced by firm gains in 
feeder cattle trade at midday. This may help to bring additional market support 
back to the complex through the end of the session.   

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   Feeder cattle futures have quickly moved higher as buyers move into the 
complex. The ability to replace the early morning pressure is creating some 
market attention, although it is uncertain the gains will stick. Strong 
triple-digit pressure has developed in lean hog futures as markets turn sour 
Monday. Corn prices are lower in light trade. March corn futures are 4 cents 
per bushel lower. Stock markets are higher in light trade. The Dow Jones is 34 
points higher while Nasdaq is up 36 points.

   LIVE CATTLE:

   Mixed trade is seen through live cattle futures with the surge in feeder 
cattle prices allowing for a few buyers to slowly step back into the market and 
replace early price pressure. It is uncertain if the narrow gains will hold or 
if additional buyer support will trickle back into the market. Cash cattle 
markets are undeveloped with bids and asking prices unavailable at this point. 
It is likely to be midweek or later before active interest moves into the 
market. Beef cut-outs at midday are mixed, $0.14 lower (select) and up $0.34 
per cwt (choice) with light movement of 35 total loads reported (20 loads of 
choice cuts, 9 loads of select cuts, no loads of trimmings, 6 loads of ground 
beef). 

   FEEDER CATTLE:

   Feeder cattle futures have rallied at midday following dismal market 
direction early in the session. Nothing significant has changed through the 
morning, but seller interest slowly ran out of gas, allowing for buyers to 
flood the market and fill the vacuum. This could quickly change through the end 
of the session as buyer depth appears to be thin and may not hold through the 
end of the session. 

   LEAN HOGS:

   Sharp losses have swept through lean hog futures trade as the focus on 
increased market losses in all nearby contracts. There continues to be 
uncertainty about the ability to regain market support over the near future 
given pressure in cash markets and overall lack of early market support in the 
rest of the cattle trade. Cash prices are lower on the National Direct morning 
cash hog report. The weighted average price is down $0.21 at $58.99 per cwt 
with the range from $53 to $60 on 5,899 head reported sold. Cash prices are 
lower on the Iowa/Minnesota Direct morning cash hog report. The weighted 
average price fell $0.20 at $59.30 per cwt with the range from $53 to $60 on 
2,684 head reported sold. The National Pork Plant Report posted 133 loads 
selling with carcass values gaining $0.05 per cwt. Lean hog index for 12/07 is 
at $65.48 up $0.18 with a projected two-day index of $65.17, down $0.31.

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


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