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Monday, April 23, 2018  
 
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DTN Midday Livestock Comments          04/23 12:03

   Cattle Futures Hold Solid Gains at Midday

   The cattle complex is significantly higher near the top of noon hour with 
the feeder market plastered with triple-digit gains. Lean hog contracts are 
traded in the red through the morning with nearby issues especially pressured 
at midday. 

By John Harrington
DTN Analyst

GENERAL COMMENTS: 

   The distribution of new showlists has taken up most of the marketing work in 
feedlot country this morning. Ready numbers are generally smaller, especially 
in Nebraska and Texas. The National dressed hog base at midday is quoted 0.26 
lower ($52.00-57.69), with a weighted average of $57.50. Corn futures are a 
penny plus higher at midday thanks to light buying interest. The stock market 
is mixed near the top of the noon hour with some investor nervous about rising 
interest rates. The Dow is currently off 10 with the Nasdaq up 3. 

   LIVE CATTLE: 

   Live cattle futures are 25 to 122 poins higher at midday with the first 
three contracts sporting triple digit gains. With spot April moving over 120, 
it would appear that traders are more impressed with the strength of recent 
feedlot cash than the bearish supply implications of the April 1 on feed repot 
unveiled last Friday. Heavily discounted summer contracts are trying to gain 
some ground on spot April and country cash, but progress in that regard remains 
very modest. Beef cut-outs are sharply at midday, up $1.70 (select, $201.83) to 
$2.71 (choice, $214.69) with light box movement (29 loads of choice cuts, 12 
loads of select cuts, zero loads of trimmings, 10 loads of coarse grinds).

   FEEDER CATTLE: 

   Feeder buyers have paper the wall of this market at midday with wall-to-wall 
triple-digit gains. Rising deferred lice cattle targets are obviously helpful 
in this regard. On an estimated run of 5,200 head (down from 8,010 last week 
and 9,053 in 2917), Oklahoma City has sold feeder cattle and calves with a firm 
undertone in the early rounds with demand described as moderate to good. 
However, no definite trends are evident as of this writing. 

   LEAN HOGS: 

   Lean hog issues are mostly 57 to 105 lower with some worried that April 
rally in the cash market is running out of gas. Note that the cash index still 
remains a good $1 under spot May. Carcass value is modestly lower at midday 
with firm fresh cuts essentially overshadowed by softer demand for ribs and 
hams. Pork cut-out: $67.85, off 0.06. CME cash lean index for 04/19: 56.80, up 
0.83 (DTN Projected lean index for 04/20: 57.80, up 1.00).

   John A. Harrington john.harrington@dtn.com 


(SK)

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