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DTN Midday Livestock Comments 05/05 11:45
Traders Push Livestock Contracts Higher Following Monday's Weaker Close
Trader support is helping drive the livestock contracts higher into
Tuesday's noon hour.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
Ample trader support is helping drive the livestock contracts higher into
Tuesday's noon hour. Still no cash cattle trade has developed at this point and
it's likely trade will be delayed until the latter half of the week. June lean
hogs are up $0.58 at $100.325, July corn is down 7 1/4 cents per bushel and
July soybean meal is up $0.30. The Dow Jones Industrial Average is up 257.37
points and NASDAQ is up 235.06 points.
LIVE CATTLE:
Following Monday's weaker close, the live cattle contracts are higher as
traders seem slightly more willing to support the complex now that the weekend
has passed and upon seeing continued boxed beef demand. June live cattle are up
$1.32 at $253.07, August live cattle are up $1.85 at $248.02 and October live
cattle are up $2.52 at $242.97. Still no trade has developed in the fed cash
cattle market and it's most likely the week's trade will be delayed until
sometime after Wednesday. No bids or asking prices have surfaced at this point.
Boxed beef prices are higher: choice up $1.86 ($393.42) and select up $3.91
($394.51) with a movement of 58 loads (38.45 loads of choice, 3.98 loads of
select, zero loads of trim and 16.03 loads of ground beef).
FEEDER CATTLE:
Once again, keeping in alignment with the live cattle complex, the feeder
cattle contracts are trading higher into Tuesday's noon hour. Thankfully the
market has regained most of the position lost on Monday. So, as long as the
live cattle contracts keep trading higher, the market will likely maintain this
momentum through the close. May feeders are up $5.40 at $372.00, August feeders
are up $6.15 at $372.75 and September feeders are up $6.35 at $371.20.
LEAN HOGS:
Could it be the slight uptick in pork demand? Or is it the positive momentum
of the cattle complex that's spilled over and now helping the lean hog
contracts trade higher too? Your guess is as good as mine, but higher trade is
higher trade and after having lost substantial position in the last three
trading days, the lean hog complex is grateful for any support it gets. June
lean hogs are up $0.50 at $100.25, July lean hogs are up $0.67 at $102.52 and
August lean hogs are up $0.80 at $103.20. The projected CME Lean Hog Index is
delayed from the source. Hog prices are not available on the Daily Hog Report
because of packer submission issues. Pork cutouts totaled 184.45 loads with
164.45 loads of pork cuts and 20.01 loads of trim. Pork cutout values: up
$0.89, $98.25.
ShayLe Stewart can be reached shayle.stewart@dtn.com
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