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DTN Midday Livestock Comments          10/02 11:59

   Livestock Futures Draw Additional Attention Friday                 

   Strong triple-digit gains are holding midday through the entire livestock 
market as the focus on end-of-week position taking and potential longer-term 
stability is motivating traders. Trade volume is expected to remain slow 
through the remainder of the session, keeping prices likely in the current 

By Rick Kment
DTN Analyst


   Firm buyer support has developed through the entire livestock market with 
combined end of week position taking and the focus on potential stability in 
meat markets. Trading ranges are expected to remain in at current levels 
through the rest of the session, which could help to bring even more stability 
to the market early next week. Corn prices are higher in light trade. December 
corn futures are 2/3 cent per bushel higher. Stock markets are higher in light 
trade. The Dow Jones is 30 points higher while Nasdaq is up 17 points.


   Firm gains are holding across live cattle futures as traders try to 
stabilize the market going into the weekend. October futures are leading nearby 
trade higher with a $1 per cwt gain. The focus through the entire market 
continues to be on trying to establish support levels, and the ability to spark 
additional beef demand through the next several weeks. Cash cattle sales are 
undeveloped so far Friday, and at this point even though both sides probably 
need to more have numbers moved, it is uncertain if any additional trade will 
develop given the market slide. Bids are developing at $118 in the South and 
$184 in the North, well below previous trade activity. Beef cut-outs at midday 
are mixed, $0.17 higher (select) and down $0.80 per cwt (choice) with light 
movement of 80 total loads reported (29 loads of choice cuts, 16 loads of 
select cuts, 21 loads of trimmings, 14 loads of ground beef).


   The morning bounce higher in feeder cattle futures is not only impressive 
based on the ability to push prices $2 per cwt higher in most nearby contracts, 
but that prices are sustaining gains through the entire morning is a break from 
previous sessions. This steady market buying is helping to spark some 
additional underlying support at the end of the week. Although the market still 
remains extremely weak, and is going to take much more than a one-day market 
bounce to draw active support back into the market, a strong close Friday could 
kindle some additional market support early next week.  


   Renewed buyer support is seen through the lean hog futures complex Friday 
morning with nearby futures holding triple-digit gains as the focus has moved 
to focusing on previous market support and backing away from losses seen 
Thursday. The trend in the market remains firm with traders still focusing on 
the recent support in market fundamentals as well as the ability to continue to 
move additional pork through early fall months. Cash prices are lower on the 
National Direct morning cash hog report. The weighted average price fell $0.82 
per cwt to $69.83 per cwt with the range from $62.00 to $72.00 per cwt on 1,943 
head reported sold. Cash prices are lower on the Iowa Minnesota Direct morning 
cash hog report. The weighted average price fell $0.30 per cwt to $70.71 per 
cwt with the range from $62.00 to $73.50 per cwt on 340 head reported sold. The 
National Pork Plant Report reported 137 loads selling with prices up $0.10 per 
cwt. Lean hog index for 9/30 is at $72.65 up 0.42, with a projected two-day 
index of $73.08, up 0.41. 

   Rick Kment can be reached at


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