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DTN Midday Livestock Comments          09/25 11:59

   Sluggish Gains Seen Tuesday 

   Light trade is seen through the entire livestock complex with traders 
looking for additional underlying support. The narrow trading ranges seen at 
midday are likely to hold through the end of the session.

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   Light buyer support is has slowly and steadily moved through the complex 
early Tuesday morning. This is helping to offset the early-week pressure as 
traders move further away from report-related supply issues and more focused on 
outside market direction and fundamental day to day market shifts. Limited 
price movement is expected in most contracts through the rest of the session. 
Corn markets are lower in light trade. September corn futures are 1 cent lower. 
Stock markets are higher in light trade. The Dow Jones is 28 points higher 
while Nasdaq is up 7 points.

   LIVE CATTLE:

   Limited interest is seen in live cattle futures early Tuesday. October live 
cattle futures continue to hold a narrow market gain with prices at $112.25 per 
cwt. The pull back to near $112.00 per cwt has caused some concern through the 
complex. If further pressure develops, and traders move prices sub-$112 per cwt 
through the week, increased questions of sustaining market support will quickly 
swarm through the market. All live cattle futures are holding limited gains of 
2 to 22 cents per cwt in very limited trade. Cash cattle activity is quiet 
Tuesday morning with asking prices still not established in any area. A few 
token starter bids have been floated in Nebraska at $172 live basis. This may 
bring some additional activity through the next couple of days, but active 
trade is expected to be delayed until the latter half of the week. Boxed Beef 
cut-outs at midday are higher, $0.45 higher (select) and up $0.38 per cwt 
(choice) with light movement of 78 total loads reported (33 loads of choice 
cuts, 19 loads of select cuts, 22 loads of trimmings, 4 loads of ground beef).

   FEEDER CATTLE:

   Feeder cattle futures have slowly but steadily gained momentum with prices 
hovering 35 to 70 cents per cwt higher following lackluster interest early in 
the session. Traders are looking for additional buyer support through the 
entire complex, although the most aggressive support is seen in November and 
January futures with traders looking for longer-term support to develop through 
the market as traders seem to be focused on short term events over the recent 
days. The lack of market premium in the complex continues to be seen with all 
contracts through January 2019 trading within a $2 per cwt trading range. This 
indicates that limited market direction changes are expected through the end of 
the year.    

   LEAN HOGS:

   Strong gains have continued to develop in nearby lean hog futures with 
October futures holding a $1.37 per cwt rally at midday. The rest of the 
complex remains extremely sluggish with prices hovering in a narrow range from 
7 cents lower to 22 cents higher. The overall lack of direction in most 
contract months is causing some underlying concern about the ability to spark 
renewed support through the end of September. Cash prices are higher on the 
National Direct morning cash hog report. The weighted average price is $1.71 
higher at $62.31 per cwt with the range from $54.00 to $64.00 on 7,366 head 
reported sold. Cash prices are higher on the Iowa/Minnesota Direct morning cash 
hog report. The weighted average price is $1.78 higher at $63.36 per cwt with 
the range from $54.00 to $64.00 on 4,639 head reported sold. The National Pork 
Plant Report posted 160 loads selling on the morning report. Pork carcass 
values added $0.05 per cwt at $80.07 per cwt. Lean hog index for 9/21 is at 
$60.85 up 1.76 with a projected two-day index of 62.05, up 1.20.

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


(SK)

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