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DTN Midday Livestock Comments          05/02 12:01

   Triple-Digit Gains Hold in Cattle Futures

   Strong buyer support has quickly developed on the first trading session of 
May. The main focus has been seen through cattle futures where triple-digit 
gains have developed. Hog prices are holding firm support based on fundamental 
undertones.  

By Rick Kment
DTN Analyst



GENERAL COMMENTS: 

   Triple-digit gains continue to be seen through the cattle market as traders 
remain focused on rebounding buyer interest after the first of the month. The 
focus in the complex seem to be intent on helping to draw support to summer 
contracts. Corn prices are lower. May corn futures are 3 cents lower. Stock 
markets are higher in light trade. The Dow Jones is 77 points higher while 
Nasdaq is up 11 points.

   LIVE CATTLE:

   Live cattle futures moved higher in early trade with the focus on 
early-month trade taking over the complex. This has brought about increased 
commercial support to the market, brining triple digit gains into all markets. 
The interest seems to be focused on trade potential later in the week and the 
ability to stabilize the chart long term. Cash cattle markets are quiet with 
show list distribution the main focus of the day as bids and asking prices are 
still undeveloped. Beef cut-outs at midday are lower, $1.63 lower (select) and 
down $0.25 per cwt (choice) with light movement of 45 total loads reported (22 
loads of choice cuts, 8 loads of select cuts, no loads of trimmings, 15 loads 
of ground beef).

   FEEDER CATTLE:

   Nearby gains have rebuilt triple-digit gains following a midmorning slump 
through the cattle market as buyers continue to focus on stepping back into the 
complex after the first of the month. The focus on moving contracts back from 
the sharp losses seen over the last couple of weeks is helping to bring 
increased market support across the complex.   

   LEAN HOGS:

   Light early-month buying support slowly developed through the early morning 
hours of trade, as firm support developed was seen following the strength in 
the market seen late last week. There continues to be some additional interest 
in nearby contracts as the most significant support is seen in June and July 
futures contracts based on the combination of cash market and pork value 
support expected through the next couple of weeks. Even though meat remains 
available for current demand, the seasonal support is keeping buyers active. 
Cash prices are lower on the National Direct morning cash hog report. The 
weighted average price fell $1.31 per cwt to $67.97 per cwt with the range from 
$64.00 to $70.50 per cwt on 2,695 head reported sold. Cash prices lower on the 
Iowa Minnesota Direct morning cash hog report. The weighted average price fell 
$1.77 per cwt to $68.63 per cwt with the range from $64.00 to $70.50 per cwt on 
374 head reported sold. The National Pork Plant Report reported 153 loads 
selling with prices up $1.90 per cwt. Lean hog index for 4/28 is at $70.47, up 
0.66 with a projected two-day index of $71.11, up 0.64.

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


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