DTN Midday Livestock Comments          05/22 11:29

   Cattle Continue to Plumet Lower Friday

   The cattle contracts continue to move lower as traders are fearful of what 
the day's Cattle on Feed report could unveil. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock contracts are trading fully lower into Friday's noon hour as 
cattle traders weigh fears, waiting for the monthly Cattle on Feed report to be 
released. The lean hog complex simply can't find enough support. No new cash 
cattle trade has developed. July corn is up 2 cents per bushel and July soybean 
meal is up $3.00. The Dow Jones Industrial Average is up 380.98 points and 
NASDAQ is up 139.62 points.

LIVE CATTLE:

   With the anticipation of a bearish Cattle on Feed report looming heavily 
over the complex -- it comes as no real surprise that the live cattle contracts 
are trading lower into Friday's noon hour. June live cattle are down $0.65 at 
$248.50, August live cattle are down $1.42 at $237.85 and October live cattle 
are down $2.30 at $228.65. No new bids are currently on the table in the cash 
market and it looks like the bulk of this week's trade is essentially done 
with, although a little more clean-up trade could happen after the Cattle on 
Feed report is released.

   So far this week, Southern live deals have been done at mostly $260, 
steady/weak with last week's weighted average. Northern dressed deals have had 
a fairly wide range of $408 to $415, mostly $410 to $412, $1 lower to $1 higher 
than the previous week's weighted average, basis Nebraska.

   Boxed beef prices are mixed: choice down $1.59 ($389.89) and select up $0.64 
($386.29) with a movement of 53 loads (42.05 loads of choice, 1.95 loads of 
select, 3.61 loads of trim and 5.71 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex can't stand it! Walking on egg shells and feeling 
like the oxygen is slowly being pulled from the air that traders breathe, the 
feeder cattle contracts are enduring yet another bloodbath Friday as everyone 
waits to see what Friday's Cattle on Feed report is going to unveil. August 
feeders are down $10.60 at $345.00, September feeders are down $10.42 at 
$243.95 and October feeders are down $10.12 at $339.50.

LEAN HOGS:

   And although the lean hog complex isn't feeling the same exact pressure the 
cattle contracts are, it too is lower as traders simply can't find enough 
support in the market to justify pushing the contracts higher. June lean hogs 
are up $0.12 at $95.25, July lean hogs are down $0.52 at $99.50 and August lean 
hogs are down $0.90 at $99.32. Yes, midday pork cutout values are a tick 
higher, but at this point in the week that doesn't mean much to traders ahead 
of a long weekend.

   The projected CME Lean Hog Index is delayed from the source. Hog prices on 
the Daily Direct Morning Hog Report average $92.79, ranging from $91.50 to 
$95.00 on 512 head and a five-day rolling average of $93.57. Pork cutouts 
totaled 246.48 loads with 96.64 loads of pork cuts and 23.24 loads of trim. 
Pork cutout values: up $1.00, $96.64.

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




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