Printable Page Market News   Return to Menu - Page 2 3 4 5 6 7 8 9 10
DTN Midday Livestock Comments          11/27 11:30

   Cattle Futures Are Mixed Moving Toward Early Close

   Live and feeder futures have experienced choppy action so far this morning 
as traders work to anticipate late-week cash news. Lean hog futures are mostly 
lower with many 2016 issues slumping with triple-digit losses.

By John Harrington
DTN Analyst


   Light packer inquiry is evident is part of the North in the late morning 
period (i.e., $195 bids in Nebraska and Iowa), but buying interest in Kansas 
and Texas remains dead as a doornail. Asking prices are around $131 plus in the 
South and $200 plus in the North. We still expect light to moderate business to 
surface sometime over the next several hours. According to the midday report, 
the national hog base is 0.73 lower compared with the Prior Day settlement 
($49.43-$52.25, weighted average $50.17). Corn futures are generally 5-6 cents 
lower moving toward midday, pressured long liquidation and a stronger dollar. 
The stock market is struggled to hold higher during the shortened Friday 
trading session, weighed by a decline in shares of Disney and lower oil prices. 
The Dow is 4 points lower in late morning business with the Nasdaq up 11. 


   Live prices are mixed at this time, up 55 to off 42. Although live contracts 
have spent more of the morning in the black, buying interest has clearly waxed 
and waned. Front issues seem to be betting on the eventuality of greater packer 
spending in the country. Yet it hasn't happened yet, and the delay is no doubt 
keeping some nervous. Beef cut-outs are significantly higher at midday, up 0.89 
(choice, $204.98) to $1.91 (select, $195.67) with very light box movement (26 
loads of choice cuts, 10 loads of select cuts, zero loads of trimmings, 9 loads 
of coarse grinds).


   Feeder futures are also mixed in late morning traffic (i.e., up 92 to off 
20). Following the general pattern in the live market, nearby issues are 
outperforming deferred. Trade volume is very light. 


   Lean hogs contracts open lower, pressured by long liquidation, late week 
profit taking, and signs of struggling product demand. At this time, prices are 
mostly 40 to 130 points lower. Only spot December is trading modestly in the 
black. Carcass value at midday is moderately lower, pressured by softer demand 
for butt, rib, ham, and belly cuts. Pork cut-out: $71.03, off .69. CME cash 
lean 11/23: 55.50, up .13 (DTN Projected lean index for 11/24: 55.64, up 0.14).

   John Harrington can be reached at 

   Follow John Harrington on Twitter @feelofthemarket 


Copyright 2015 DTN/The Progressive Farmer. All rights reserved.

No other Daily email offers as much useful Ag information as DTN Snapshot – Sign up Free today!
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN