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DTN Midday Livestock Comments          03/03 11:51

   Meat Futures Retreat Near Midday

   The cattle complex is significantly lower near the top of the noon hour, 
pressured by long liquidation and profit-taking. Hog contracts are also under 
pressure at midday with summer issues losing ground to both nearbys and far 
deferreds. 

By John Harrington
DTN Analyst



GENERAL COMMENTS: 

   The cash cattle trade is not established Tuesday; nary a bid is reported 
around the feeding circuit. Some showlists have been priced in the neighborhood 
of $162 in the South and $255-$260 in the North. Few expect to see much 
business before Thursday or Friday. According to the midday report, the 
national hog base is .06 higher compared with the prior day's closing weighted 
averaged ($57-$66.50, $64.18). The corn market is a penny or so higher in a 
largely featureless trading session. U.S. stocks are off recent records at 
midday as investors weighed international headlines and auto sales that missed 
expectations. The Dow is 135 points lower with the Nasdaq off 48. 

   LIVE CATTLE: 

   Futures are mostly 97 to 160 lower. Spec and commercials appear to be having 
second thoughts about Monday's impressive surge, at least momentarily. 
Triple-digit losses dominate most of the pit, pressured by long liquidation, 
profit-taking, and outside markets. Beef cut-outs are mixed at midday, up $1.03 
(choice, $249.70) to off .47 (select, $244.98) with light box movement (34 
loads of choice cuts, 11 loads of select cuts, 6 loads of trimmings, 14 loads 
of ground beef).

   FEEDER CATTLE: 

   Futures are mostly 85 to 147 lower. Feeders are beating a retreat at midday, 
spooked in part by the defensiveness in the live pit. Traders still seem 
serious about the significance of the 200 level. Can it be reconfirmed as a 
decent trading floor, or does it threaten to become the new ceiling?  

   LEAN HOGS: 

   Futures are mostly 10 to 25 higher. Lean futures are under pressured at 
midday thanks to a combination of long liquidation and profit-taking. The 
defensive also seems to be related to fears that mounting pork tonnage will 
overwhelm seasonal demand. The carcass value eroded further at midday, 
pressured by softer sales of loins and bellies.  Pork cut-out: $68.90, off .77. 
CME cash lean 02/27: 65.59, up 1.10 (DTN Projected lean index for 03/02: 66.67, 
up 1.08).

   John Harrington can be reached at feelofthemarket@yahoo.com 
Follow John Harrington on Twitter @feelofthemarket


(SK)

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