DTN Midday Livestock Comments          09/18 11:49

   Livestock Markets Soften Friday

   Pressure is seen in cattle futures Thursday morning, allowing for additional 
concern about further market weakness during early July. Lean hog futures are 
mixed, although trade volume remains limited.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Livestock futures have remained generally quiet early Friday morning, with 
increased focus on the afternoon release of the cattle on feed report. Although 
limited additional cash market activity is expected to be seen until late 
afternoon, the early movement of steady price levels from last week's levels 
may set the overall trend of the market for the week. Hog markets remain under 
light pressure, but little additional fundamental news has developed during 
late-week trade. December corn is down 2 3/4 at $5.278 and December soybean 
meal is down $14.10 at $357.20.  The Dow Jones Industrial Average is down 
222.87 at 51,555.17.

LIVE CATTLE:

   Live cattle futures bounced higher in initial early trade. Although the 
expected increase in cattle on feed numbers likely to be seen in the afternoon 
release of the cattle on feed report seems to be essentially worked through 
current price levels. But trade has slowed through the morning, allowing prices 
to falter in most nearby contracts. This is following the general trend of 
light to moderate losses over the last few days. In cash cattle trade, 
following Thursday's light trade where dressed cattle sold at mostly $350 
(steady with last week's weighted average), the cash cattle market remains 
quiet at Friday's start. No bids are currently on the table, and it's likely 
that trade could be delayed until after today's Cattle on Feed report is 
released and fully assessed. October live cattle are $0.05 lower at $215.60, 
December live cattle are $0.25 lower at $216 and February live cattle are $0.43 
lower at $216.85. Boxed beef prices are Mixed: choice down $0.82 ($371.33) and 
select up $1.82 ($353.70), with a movement of 64.70 loads (50.09 loads of 
choice, 3.43 loads of select, 3.36 loads of trim and 7.82 loads of ground beef).

FEEDER CATTLE:

   Feeder cattle futures have shown the most significant pressure through 
livestock trade Friday morning. Although the expectation is that overall 
placements will be reduced from year-ago levels, the concern about continued 
marketing levels and overall demand seems to be limiting feeder cattle markets 
during Friday morning trade. Although limited support initially developed 
Friday, this momentum was short-lived and gave way to moderate to firm pressure 
at midday. Although, to be fair, very little new fundamental or technical 
information seems to be available at this point.

   September feeders are $1.23 lower at $333.60, October feeders are $1.05 
lower at $323.325 and November feeders are $0.83 lower at $317.825.

LEAN HOGS :

   Lean hog futures are holding moderate losses with light pressure seen in 
front-month October contracts, although deferred contracts are holding losses 
near $1 per cwt at midday. The lack of new information through the market 
during late-week trade and traders seemingly focused more on cattle and grain 
trade through the end of the week has allowed hog futures to shift lower due 
more to lack of interest than any other factor. October lean hogs are $0.35 
lower at $78.55, December lean hogs are $0.58 lower at $69.025 and February 
lean hogs are $0.78 lower at $70.35. Hog Prices are unreported due to 
confidentiality on the Daily Direct Morning Hog report. Pork Cutouts totaled 
157.75 loads, with 148.20 loads of pork cuts and 9.55 loads of trim. Pork 
cutout values are down $0.59 at $86.65.

   ShayLe Stewart can be reached shayle.stewart@dtn.com




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