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DTN Midday Livestock Comments          02/26 12:11

   Support Continues into noon hour 

   Support continues to keep livestock contracts trading higher into the noon 
hour. 

By ShayLe Stewart
DTN Livestock Analyst

General Comments

   On Tuesday at this time the board was trading mostly mixed and right after 
the noon hour the complex crumbled and closed lower. Wednesday's board could 
easily end up doing the same with the sheer amount of volatility and 
uncertainty that looms throughout the market, but for the meantime both lean 
hogs and feeder cattle are trading fully higher and the live cattle contracts 
are mixed with cash trade beginning to emerge. March corn is down 1 cent per 
bushel and May soybean meal is up $4.50. The Dow Jones Industrial Average is up 
110.81 points and NASDAQ is up 59.92 points. 

   LIVE CATTLE 

   As the live cattle contracts reach the noon hour, nearby contracts are 
mostly lower while deferred contracts are mildly higher. April live cattle are 
down $0.27 at $112.67, June live cattle are down $0.25 at $105.55 and August 
live cattle are up $0.05 at $105.45. Following Tuesday's light to moderate 
trade throughout most of the country, a few bids are sitting on the table at 
noon, but trade hasn't really developed. Bids of $184 to $187 have been renewed 
by a major in Eastern Nebraska for delivery next week. 

   The Fed Cattle Exchange Auction reported a total of 755 head, of which 627 
head sold earlier Wednesday morning. There was a total of five lots, one in 
Texas and four in Kansas. Only one lot in Kansas did not sell. All started with 
$115 asking prices and those that sold went for $115.25, most lots were set for 
one-to-nine-day delivery, and one lot in Kansas is set for one-to-seventeen day 
delivery.

   Boxed beef prices are lower: choice down $1.15 ($206.32) and select down 
$0.88 ($199.02) with a movement of 103 loads (73.25 loads of choice, 17.15 
loads of select, 5.71 loads of trim and 7.37 loads of ground beef). 

   FEEDER CATTLE 

   Feeder cattle contracts are making a strong move into the noon hour as 
nearby contracts push advancements higher and higher. March feeders are up 
$1.32 at $134.30, April feeders are up $1.32 at $135.45 and May feeders re up 
$0.77 at $136.60. Cash cattle trade is most likely going to develop for lower 
prices again this week which could hinder the feeder cattle market's push for 
higher prices throughout the later part of the week. 

   LEAN HOGS 

   The projected two-day lean hog index is not available at this time. The lean 
hog market isn't out of the clear from the coronavirus scare but a healthy cash 
market has its way of supporting the future's market beautifully. Thankfully 
cash prices were higher again Wednesday morning and the future's market has 
been able to capture gains of $0.57 to $0.92 higher. April lean hogs are up 
$0.57 at $65.25, June lean hogs are up $0.92 at $80.62 and July lean hogs are 
$0.87 at $81.67. 

   Hog prices are higher on the National Direct Morning Hog Report, up $0.35 
with a weighted average of $49.95, ranging from $45.00 to $51.00 on 5,051 head 
sold and five-day rolling average of $50.02. Pork cutout total 191.36 loads 
with 167.42 loads of pork cuts and 23.93 loads of trim. Pork cutout values: 
down $1.27, $64.70. 

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


(CZ)

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