DTN Midday Livestock Comments          12/02 11:40

   Cattle Push Higher Tuesday

   Still no cash cattle trade has developed, but with the futures market 
trading higher, there's a chance feedlot managers may be able to hold the 
market steady. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The cattle complex is rallying aggressively into Tuesday's noon hour as 
traders are pleased with the market's fundamentals although they understand 
risk still remains; still, they believe in the short term, enough downside has 
been endured. Still no developments have surfaced in the fed cash cattle 
market. March corn is up 5 1/4 cents per bushel and January soybean meal is 
down $1.40. The Dow Jones Industrial Average is up 243.12 points and NASDAQ is 
up 162.28 points.

LIVE CATTLE:

   Traders seemed to take note that on Monday boxed beef demand was stronger as 
both midday and closing boxed beef prices were higher, which has helped push 
the live cattle contracts substantially higher into Tuesday's noon hour. Now it 
is a little disheartening to see midday boxed beef prices are a tick lower 
Tuesday -- but thankfully that hasn't affected the futures market thus far. 
December live cattle are up $3.82 at $218.02, February live cattle are up $4.55 
at $220.42 and April live cattle are up $4.60 at $222.15. Still no trade in the 
cash cattle market and no bids or asking prices have surfaced.

   Boxed beef prices are lower: choice down $2.69 ($366.20) and select down 
$4.74 ($353.14) with a movement of 73 loads (55.30 loads of choice, 7.92 loads 
of select, zero loads of trim and 9.85 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is again following the direction of the live 
cattle market, which has thankfully pushed feeders to a sporty $5.00 to $6.00 
rally. January feeders are up $6.40 at $327.97, March feeders are up $6.05 at 
$321.57 and April feeders are up $6.00 at $320.85. Tuesday's vibrant rally 
should help strengthen feeder cattle sales in the countryside this afternoon.

LEAN HOGS:

   Although pork cutout values are a tick higher Tuesday morning, the lean hog 
complex is trading lower as traders question if there truly enough support in 
the marketplace to push the contracts higher. December lean hogs are up $0.12 
at $80.35, February lean hogs are down $0.57 at $79.72 and April lean hogs are 
down $0.72 at $83.55. Given that packers weren't very active in last week's 
market, it wouldn't be surprising to see more demand from packers developing at 
any point in time now.

   The projected CME Lean Hog Index is delayed from the source. Hog prices on 
the Daily Direct Morning Hog Report average $70.06, ranging from $65.00 to 
$74.00 on 1,535 head and a five-day rolling average of $70.06. Pork cutouts 
total 209.12 loads with 187.66 loads of pork cuts and 21.46 loads of trim. Pork 
cutout values: up $0.22, $95.01.

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




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