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DTN Midday Livestock Comments 12/16 11:35
Traders Continue to Push the Livestock Contracts Higher
With traders eager to continue to advance the contracts, the livestock
complex is trading mostly higher into Tuesday's noon hour.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
The livestock complex is trading mostly higher into Tuesday's noon hour as
traders remain actively supportive of the livestock contracts. Still no cash
cattle trade has developed but asking prices are noted at $233 plus in the
South. March corn is down 3 3/4 cents per bushel and January soybean meal is
down $1.00. The Dow Jones Industrial Average is down 220.83 points and NASDAQ
is down 8.02 points.
LIVE CATTLE:
The live cattle complex is trading higher into Tuesday's noon hour as the
market is pleased with the continued support of strong beef demand. February
live cattle are down $0.07 at $230.47, April live cattle are up $0.17 at
$230.20 and June live cattle are up $0.32 at $223.75. The market's 100-day
moving average remains a stiff resistance threshold for the market and even
with the support from higher boxed beef prices, traders don't firmly believe
that they have enough support to currently trade above that threshold. No cash
cattle trade has developed yet, but asking prices are noted in the South at
$233 plus but still remain elusive in the North.
Boxed beef prices are higher: choice up $0.78 ($360.24) and select up $1.73
($349.03) with a movement of 48 loads (33.79 loads of choice, 8.30 loads of
select, zero loads of trim and 5.98 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is off to a bold start this morning as the market
is currently trading above its 100-day moving average in most of the nearby
contracts. Fueled by strong buyer demand in the countryside and by the
continued support of traders, the market is tiptoeing into territory that
hasn't been traded at since late October. January feeders are up $4.00 at
$343.92, March feeders are up $3.20 at $338.07 and April feeders are up $3.00
at $336.77.
LEAN HOGS:
And even with midday pork cutout values a tick lower, the lean hog complex
is continuing to trade higher as traders remain committed to supporting the
lean hog market. February lean hogs are up $0.67 at $82.52, April lean hogs are
up $0.75 at $89.67 and June lean hogs are up $0.67 at $101.75. The market could
soften later this afternoon if fundamental support doesn't arise.
The projected lean hog index is delayed from the source. Hog prices are
lower on the Daily Direct Morning Hog Report, down $3.09 with a weighted
average price of $69.91, ranging from $64.00 to $72.00 on 2,149 head with a
five-day rolling average of $71.55. Pork cutouts total 180.49 loads with 157.11
loads of pork cuts and 23.38 loads of trim. Pork cutout values: down $0.47,
$98.42.
ShayLe Stewart can be reached at shayle.stewart@dtn.com
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