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 
higher. 

By ShayLe Stewart
DTN Livestock Analyst

General Comments

   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. 

   LIVE CATTLE 

   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). 

   FEEDER CATTLE 

   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. 

   LEAN HOGS 

   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 
$81.15. 

   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, 
$62.93. 

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


(CZ)

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