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DTN Midday Livestock Comments          04/24 12:19

   Cattle Benefits from Bullish Momentum at Midday

   For the most part, cattle futures are sharply higher near the top of the 
noon hour, powered by late-week short covering and technical buying. Lean hog 
contracts at this time are mixed, though months in the black outnumber those in 
the red. 

By John Harrington
DTN Livestock Analyst



GENERAL COMMENTS: 

   Cattle buying interest is light to moderate in parts of the North with bids 
generally around $253-$255. Limited trade volume totals suggest that packers 
need to buy more live inventory before calling it a week. Asking prices are 
around $160 in the South and $256-plus in the North. According to the midday 
report, the Iowa hog base is not quoted due to rules of confidentiality. Corn 
futures are about a nickel lower at midday, reined in by planting-friendly 
weather forecasts. Equities are trading mostly higher at midday as investors 
continue to cheer major earnings reports. The Dow is currently 42 points higher 
with the Nasdaq positive by 43.

   LIVE CATTLE: 

   Up 67 to 227. Live issues opened lower, but it didn't take long before bulls 
reassembled to fund another round of triple digit gains. Prices are sharply 
higher going into the week's final hour of business, supported by short 
covering and technical buying. Loo 2015 contracts have now move back over 
100-day moving averages. Beef cut-outs are sharply lower at midday, off $1.23 
(choice, $258.78) to $1.76 (select, $249.28) with light box movement (43 loads 
of choice cuts, 17 loads of select cuts, zero loads of trimmings, seven loads 
of ground beef).

   FEEDER CATTLE: 

   Mostly 217 to 282 higher. While spot April is lagging behind with the cash 
index, the balance of the feeder pit has once again exploded higher. The 
bullishness of the live pit is obviously supportive, but so is the corn 
market's lackluster tone as well as decent spring rains over major grazing 
areas.  

   LEAN HOGS: 

   Mostly 15 to 87 higher. Though a few far deferred contracts are modestly 
lower in late morning business, most lean contracts are holding moderately 
higher. Renewed enthusiasm in the cattle complex represents a positive factor. 
It will be interesting to see if summer contracts can close the week over chart 
resistance at 80. The carcass value is some lower at midday as ham and rib 
losses overshadow loin and picnic gaisn. Pork cut-out: $69.38, off 0.29. CME 
cash lean 04/22: 65.18, up 0.08 (DTN Projected lean index for 04/23: 65.39, up 
0.21).

   John Harrington can be reached at feelofthemarket@yahoo.com 

   Follow John Harrington on Twitter @feelofthemarket


(BAS)

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