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DTN Midday Livestock Comments          01/23 12:15

   Cattle Futures Pull Back from Mixed Trade at Midday     

   Pressure redeveloped across cattle futures midday Monday. The narrow mixed 
trade that developed most of the morning helped to draw additional pressure 
through midday. 

By Rick Kment
DTN Livestock Analyst

GENERAL COMMENTS: 

   Moderate pressure is seen at midday as cattle trade has remained choppy 
through most of the morning. The overall lack of longer term direction in the 
complex continues to drive sellers back into the market. Corn prices are lower 
in light trade. March corn futures are 2 cents lower. Stock markets are lower 
in light trade. The Dow Jones is 48 points lower while Nasdaq is down 13 points.

   LIVE CATTLE:

   Live cattle futures are holding moderate losses at midday despite remaining 
mixed through most of the morning. The overall lack of follow through buyer 
support may continue to drive additional pressure into the complex in front of 
closing bell. Cash cattle is quiet with show lists mixed to slightly higher 
overall as traders continue to look for additional direction and bids 
developing later in the week. Beef cut-outs at midday are mixed, $0.07 lower 
(select) and up $0.58 per cwt (choice) with light movement of 60 total loads 
reported (35 loads of choice cuts, 9 loads of select cuts, 7 loads of 
trimmings, 9 loads of ground beef). 

   FEEDER CATTLE: 

   Feeder cattle futures have bounced higher and lower in mixed trade through 
the session as traders continue to focus on the overall lack of support in live 
cattle trade. Losses are seen at midday from 20 to 50 cents per cwt, which 
could bring about additional pressure late in the day.

   LEAN HOGS:

   Lean hog futures remain under pressure at midday Monday, although buyers are 
slowly trying to step back into the market as prices have moved off of session 
lows. The long-term support in the complex continues to drive additional 
uncertainty as there continues to be lack of direction on demand for pork. Cash 
prices are lower on the National Direct morning cash hog report. The weighted 
average price fell $1.07 at $61.81 per cwt with the range from $58.00 to $64.75 
on 2,895 head reported sold. Cash prices are lower on the Iowa Minnesota Direct 
morning cash hog report. The weighted average price fell $0.49 at $63.25 per 
cwt with the range from $58.00 to $64.75 on 160 head reported sold. The 
National Pork Plant Report reported 149 loads selling with prices falling $1.07 
per cwt. Lean hog index for 1/18 is at $66.69 up $0.68 with a projected two-day 
index of $67.01 up $0.32. 

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


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