DTN Midday Livestock Comments 02/14 12:08
High Livestock Prices
Another good start to the day's trade as all three livestock contracts head
By ShayLe Stewart
DTN Livestock Analyst
Heading into the noon hour with more strength and stability, the livestock
market seems to be putting a bottom into the recent downtrend. All three
sectors are trading for higher prices and the two cattle contracts are pushing
prices above $1.00 and $2.00 gains. March corn is down 2 1/2 cents per bushel
and March soybean meal is down $2.40. The Dow Jones Industrial Average is down
48.30 points and NASDAQ is up 2.09 points.
The feeder cattle market seems to be leading the surge higher but live
cattle contracts aren't far behind in their rally. February live cattle are up
$1.80 at $121.25, April live cattle are up $2.32 at $120.85 and June live
cattle are up $1.85 at $112.47. If the market can keep its enthusiasm through
closing (which seems likely), the big watch for next week will be if cash
prices are able to strengthen. Cash cattle trade is elusive Friday morning as
most of the business has already been taken care of for the week.
Boxed beef prices are higher: choice up $1.53 ($207.98) and select up $2.11
($205.90) with a movement of 89 loads (37.03 loads of choice, 9.55 loads of
select, 23.49 loads of trim and 18.61 loads of ground beef).
Major gains in feeder cattle market heading into the noon hour as the
complex steadily pulls most prices up over $2.00 gains. March feeders are up
$2.75 at $139.07, April feeders are up $2.97 at $141.92 and May feeders are up
$2.87 at $143.70. Seeing that the feeder cattle market lost near $13.00 in the
last month, the steady uptick the last couple of days has been well absorbed
and a saving grace to cattlemen's minds.
The lean hog market steadily moves prices higher again Friday morning as the
complex is still largely supported by traders and strong morning cash prices
have helped solidify the movement as well. April lean hogs are up $0.65 at
$64.72, May lean hogs are up $0.32 at $73.17 and June lean hogs are up $0.12 at
The projected lean hog index is delayed from the source. Hog prices are
higher on the National Direct Morning Hog Report, up $1.23 with a weighted
average of $49.87, ranging from $44.00 to $51.64 on 6,869 head sold and a
five-day rolling average of $49.73. Pork cutouts total 186.01 loads with 165.85
loads of pork cuts and 20.16 loads of trim. Pork cutout values: down $0.17,
ShayLe Stewart can be reached firstname.lastname@example.org
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