DTN Midday Livestock Comments          02/23 11:47

   Cattle Sink Lower Amid External Pressure 

   With significant outside pressure, the cattle contracts are trading lower 
into Monday's noon hour. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The cattle complex is seeing a lot of pressure Monday morning thus far as 
external factors are driving the futures lower. But with a slight uptick in 
pork demand, the lean hog complex continues to scale higher. New showlists 
appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. 
The Down Jones Industrial Average is down 819.11 points and the NASDAQ is down 
289.93 points.

LIVE CATTLE :

   The live cattle complex is trading mostly lower as traders cautiously enter 
the new week, hoping fundamental support will again surface and help guide the 
contracts higher. But thus far throughout Monday's trade the complex has traded 
lower, as caution remains the underlying theme. April live cattle are down 
$2.45 at $239.55, June live cattle are down $2.10 at $235.52 and August live 
cattle are down $1.72 at $233.25. The pressure seems to stem from a number of 
different sources, as traders have noted the downturn in the equity markets, 
are aware of the uptick in the grain complex, and are also mulling around last 
Friday's Cattle on Feed report. Nevertheless, it seems as though the market 
will likely keep its mundane attitude through Monday's close. New showlists 
appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado.

   Last week Northern dressed cattle traded anywhere from $380 to $388.50, but 
mostly at $388, which is $7.00 higher than the previous week's weighted 
average. Southern live cattle traded at mostly $249, which is $1.00 higher than 
the previous week's weighted average.

   Boxed beef prices are higher: choice up $1.28 ($367.98) and select up $3.09 
($363.83) with a movement of 51 loads (26.85 loads of choice, 4.38 loads of 
select, 8.94 loads of trim and 10.48 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is also lower as traders aren't willing to advance 
the feeder cattle market at a time live cattle contracts are lower and grain 
prices are seeing a modest jump. March feeders are down $4.15 at $363.87, April 
feeders are down $4.30 at $360.75 and May feeders are down $3.62 at $357.37. 
And at this point it's very unlikely the market will change its direction and 
turn higher ahead of the day's close as a doggish attitude is currently 
overwhelming the market.

LEAN HOGS:

   The cattle contracts may be trading lower, but the lean hog complex is 
keeping with its current trend and continuing to trade higher as traders are 
pleased with the morning uptick in pork demand, and once again aren't up 
against immediate pressure of hitting technical resistance. April lean hogs are 
up $0.65 at $94.32, June lean hogs are up $0.95 at $108.77 and July lean hogs 
are up $0.90 at $110.72.

   The projected CME Lean Hog Index is delayed from the source. Hog prices are 
higher on the Daily Direct Morning Hog Report, up $0.65 with a weighted average 
price of $89.61, ranging from $87.00 to $92.00 on 1,776 head and a five-day 
rolling average of $89.33. Pork cutouts total 165.65 loads with 143.52 loads of 
pork cuts and 22.13 loads of trim. Pork cutout values: up $2.26, $97.87.

    

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




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