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DTN Midday Livestock Comments          06/24 11:37

   Livestock Complex Traders Remain Cautious at Monday's Start

   Mostly the livestock complex is trading lower at Monday's noon hour as 
traders look to see what the market's fundamentals are going to do this week.

ShayLe Stewart
DTN Livestock Analyst


   The livestock contracts are trading mostly lower into Monday's noon hour as 
traders assess the marketplace and again look for followed-through fundamental 
support this week. Please note that on Thursday the hog complex will see the 
latest Quarterly Hogs and Pigs Report released which will be of high importance 
to its market. July corn is down 6 1/2 cents per bushel and July soybean meal 
is up $5.00. The Dow Jones Industrial Average is up 353.40 points.


   The live cattle complex is trading mixed as traders have noted Friday's 
bearish Cattle on Feed report but can't help but be bullish in the market's 
immediate contracts given how strong the cash cattle market is trading. August 
live cattle are up $0.62 at $183.77, October live cattle are down $0.47 at 
$183.15 and December live cattle are down $0.80 at $185.30. It's too early in 
the week for any bids or asking prices to have been established, but it's 
likely that feedlots are going to price cattle higher again this week and that 
trade will be delayed until Thursday or Friday.

   Last week Northern dressed cattle sold for $305 to $312, but mostly at $310 
to $312, which is $4.00 to $6.00 higher than last week's weighted average. But 
there were prices reported up to $315 which is $9.00 higher than last week's 
weighted average. Southern live cattle traded from $189 to $190 which is $3.00 
to $5.00 higher than the previous week's weighted average.

   Boxed beef prices are higher: choice up $0.01 ($322.40) and select up $0.72 
($303.83) with a movement of 56 loads (25.64 loads of choice, 15.50 loads of 
select, zero loads of trim and 14.88 loads of ground beef).


   The feeder cattle complex has danced back and forth thus far through 
Monday's traders -- trying to decide which side of the spectrum demands more 
clout, the fact that Friday's Cattle on Feed report was bearish or the market's 
incredibly strong fundamentals? At this point, the entire feeder cattle complex 
is trading lower into Monday's noon hour, but the market could improve ahead of 
the day's end as fundamentally market support is impeccable. August feeders are 
down $0.07 at $258.32, September feeders are down $0.22 at $259.67 and October 
feeders are down $0.25 at $260.37.


   The lean hog complex is still trading lower as traders again look for 
fundamental support to help the hog market trade higher but with midday pork 
cutout values down $1.90, fundamental support isn't necessarily flowing into 
the complex. July lean hogs are down $1.25 at $90.80, August lean hogs are down 
$1.65 at $87.67 and October lean hogs are down $1.45 at $74.87. The market will 
be anxious to see Thursday's Quarterly Hogs and Pigs report which could help 
forecast what demand will be through the summer.

   The projected lean hog index not available at this time. Hog prices are 
higher on the Daily Direct Morning Hog Report, up $0.01 with a weighted average 
price of $86.47, ranging from $83.00 to $87.50 on 2,848 head and a five-day 
rolling average of $87.21. Pork cutouts total 176.35 loads with 152.60 loads of 
pork cuts and 23.75 loads of trim. Pork cutout values: down $1.90, $97.13.

   ShayLe Stewart can be reached


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