DTN Midday Livestock Comments          03/20 11:31

   Northern Dressed Cattle Begin to Trade at $372

   Cattle began to trade in the cash market at steady prices and traders gave a 
sigh of relief and are now allowing the cattle futures to trade slightly higher 
into Friday's noon hour. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mixed into Friday's noon hour as the cattle 
contracts are higher while the hog complex continues to scale lower. Some light 
cash cattle trade has been noted in the North at $372, which is steady with 
last week's weighted average. May corn is down 5 1/4 cents per bushel and May 
soybean meal is down $7.20. The Dow Jones Industrial Average is down 217.57 
points and NASDAQ is down 227.85 points.

LIVE CATTLE:

   Upon finding some minute stability in the futures complex, the live cattle 
contracts are comfortably trading slightly higher into Friday's noon hour. It 
also has helped that there's been a thin movement of cash cattle noted in the 
North at prices steady with last week's weighted average. Traders found peace 
of mind in the fact that prices didn't again slip lower this past week. But it 
is unfortunate the cattle sold in the North are committed to the deferred 
delivery option, which could pressure the market in the weeks ahead as packers 
are building up inventory. April live cattle is up $1.15 at $234.45, June live 
cattle is up $1.87 at $233.65 and August live cattle is up $2.02 at $231.12.

   Some light cash cattle trade has been reported in Nebraska at $372 (set for 
delivery the weeks of April 6 and April 13) which is steady with last week's 
weighted average. Otherwise, the market hasn't seen any other cattle trade just 
yet, but bids are on the table in all regions. Asking prices are noted in the 
South at $238 to $240. And there is a chance the bulk of this week's trade 
could be delayed until after this afternoon's Cattle on Feed report is released.

   Boxed beef prices are higher: choice up $0.12 ($400.42) and select up $0.33 
($392.78) with a movement of 67 loads (48.49 loads of choice, 4.40 loads of 
select, 6.85 loads of trim and 6.96 loads of ground beef).

FEEDER CATTLE:

   Upon seeing the live cattle complex charge into the last trading day of the 
week with a tick more bullishness, the feeder cattle contracts have followed 
suit. March feeders are up $3.17 at $358.45, April feeders are up $3.45 at 
$351.20 and May feeders are up $3.35 at $346.77. So long as no major shift is 
seen in the live cattle contracts ahead of Friday's end, it's likely the feeder 
cattle contracts will keep this momentum through the day's end.

LEAN HOGS:

   Although pork cutout values are higher, traders can't seem to give credence 
to the fundamental uptick in support as at this point it seems a little too 
late to add much value ahead of Friday's close to really help the contracts 
trade higher. April lean hogs are down $0.47 at $91.57, June lean hogs are up 
$0.04 at $104.80 and July lean hogs are up down $0.07 at $107.00. The market is 
nearing support in the spot June contract, which hopefully the market won't 
pressure ahead of the week's close as that could signal continued downward 
pressure.

   Hog prices averaged $91.29 on the Daily Direct Morning Hog Report, ranging 
from $88.00 to $92.00 on 509 head and a five-day rolling average of $90.92. 
Pork cutouts totaled 163.91 loads with 149.64 loads of pork cuts and 14.27 
loads of trim. Pork cutout values: up $2.84, $100.89.

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




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