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DTN Midday Livestock Comments          09/21 12:20

   Livestock Paper Marked Unevenly Lower as Traders Turn into Final Hour

   The cattle complex near midday is generally lower, pressured by profit 
taking and cash uncertainty in the wake of Wednesday's rally. Hog futures are 
also stuck in reverse with nearby issues particularly attracting sellers.

By John Harrington
DTN Analyst

GENERAL COMMENTS: 

   The fed cattle trade is at a standstill at midday with just a few bids noted 
in parts of the North (i.e., $104/$165-168). Generally speaking, asking prices 
are around $110 in the South and $172-174 plus in the North. It's beginning to 
look as if significant trade volume will not surface until after the on feed 
report Friday afternoon. According to the midday report, the national hog base 
is .66 lower ($48.00-51.50, weighted average $49.55). Corn futures are 
fractionally mixed near the top of the noon hour in lackluster trade volume. 
Equities at midday are lower with the Dow off 35 points and the Nasdaq negative 
by 17.

   LIVE CATTLE:

   Live prices are mixed as traders prepare to move into the final hour of the 
session with price changes ranging from 27 higher to 100 lower.  Nearbys have 
been in the red for most of the session, pressured by profit taking in the wake 
of Wednesday's impressive pop.

   The premium of spot October may also be reined in a bit by uncertainty 
surrounding cash potential. Beef cut-outs are lower at midday, off .21 (select, 
$188.33) to 0.25 (choice, $191.79) with light to moderate box movement (50 
loads of choice cuts, 12 loads of select cuts, 10 loads of trimmings, 10 loads 
of coarse grinds).

   FEEDER CATTLE: 

   For the most part, feeder are moderately lower at midday (i.e., mostly down 
10 to 92), checked by positioning relative to yesterday's surge forward and the 
September 1 on feed report set for release Friday (i.e., 2:00 CDT). Yet losses 
seem to be moderating from the toughest wave of selling seen earlier this 
morning.

   LEAN HOGS:

   Triple-digit losses blanket the first three lean issues at midday (i.e., off 
112 to 190) as tough fundamentals continue to make it difficult for bulls to 
breathe. The rest of the complex is moderately lower. Most of the trade volume 
seems to consist of bear spreading and long liquidation.  The carcass value is 
sharply lower at midday with all major primals quoted lower (especially the 
rib, picnic, and ham). Pork cut-out: $74.13, off $2.19. CME cash lean index for 
09/19: 60.92, off 0.96 (DTN Projected lean index for 09/20: 60.12, off 0.80).

   John A. Harrington can be reached at john.harrington@dtn.com 


(BE)

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