DTN Midday Livestock Comments          05/01 11:37

   Cattle Continue to Trend Higher Through Friday's Trade 

   No new cash cattle trade has surfaced, and it's looking like the bulk of 
this week's trade is done with.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is again trading mixed into midday Friday as the 
cattle contracts have found plenty of support. However, the lean hog complex 
remains in the other boat as traders simply aren't comfortable with the market 
at this time. No new cash cattle trade has developed, and it's looking like the 
bulk of this week's trade is done with. July corn is up 5 cents per bushel and 
July soybean meal is down $0.60. The Dow Jones Industrial Average is up 5.46 
points and the NASDAQ is up 280.43 points.

LIVE CATTLE:

   Although it looks like the vast majority of this week's trade in the fed 
cash cattle market is complete, traders are allowing the contracts to trade 
slightly higher and maintain a sideways chop in the upper echelon of its new 
trading range. June live cattle are up $0.85 at $254.85, August live cattle are 
up $1.45 at $250.10 and October live cattle are up $1.57 at $245.05. So far 
this week, trade has had a fairly wide range, with Northern dressed trade done 
at $392 to $405, mostly $400, $14 higher than the previous week's weighted 
averages. Southern live deals have had a range of $250 to mostly $255 to $256, 
$9 to $10 higher than the prior week's weighted averages.

   Boxed beef prices are lower: choice down $0.24 ($389.28) and select down 
$1.65 ($386.52) with a movement of 33 loads (23.42 loads of choice, 2.57 loads 
of select, zero loads of trim and 6.50 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle contracts are also trading higher as traders are thankful 
to see the live cattle contracts trading higher, which is enough support this 
morning to justify turning the feeder cattle contracts higher. May feeders are 
up $2.22 at $374.87, August feeders are up $2.45 at $375.90 and September 
feeders are up $2.50 at $374.25. So long as adequate support continues to 
funnel into the feeder cattle complex from the live cattle market, the market 
should be able to maintain its upward trend through the afternoon's close.

LEAN HOGS:

   Meanwhile, the lean hog complex is trading lower as traders can't seem to 
find the support and stability they need. Yes, midday pork cutout values are 
higher, but traders could have used that support earlier in the week if it were 
going to amount to something sizeable and genuinely supportive. June lean hogs 
are down $1.00 at $101.27, July lean hogs are down $1.65 at $103.40 and August 
lean hogs are down $1.52 at $103.92.

   The projected lean hog index is delayed from the source. Hog prices are 
lower on the Daily Direct Morning Hog Report, down $0.92 with a weighted 
average price of $92.51, ranging from $90.00 to $94.00 on 850 head and a 
five-day rolling average of $92.26. Pork cutouts total 194.91 loads with 171.11 
loads of pork cuts and 23.80 loads of trim. Pork cutout values: up $3.49, 
$100.25.

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




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