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DTN Midday Livestock Comments          07/16 11:33

   Hogs Rally Upon Technical Support and Stronger Consumer Demand

   The cattle contracts are continuing to trade mixed but the lean hog complex 
is trading $1.00 to $2.00 higher as technically the market is far from any 
resistance and midday cutout prices are higher.

ShayLe Stewart
DTN Livestock Analyst


   The cattle contracts continue to trade cautiously, but the lean hog complex 
is rallying into Tuesday's noon hour. Still no cash cattle trade has developed, 
and it looks like the week's trade could be delayed until Wednesday or later. 
December corn is up 5 3/4 cents per bushel and December soybean meal is up 
$1.30. The Dow Jones Industrial Average is up 592.89 points.


   The live cattle complex is merely trading sideways, waiting for the week to 
present something worthwhile and give traders a reason to move the market one 
way or another. But at this point, no cash cattle trade has developed, boxed 
beef prices are trading mixed and so traders remain hesitant market 
participants. August live cattle are up $0.10 at $182.22, October live cattle 
are steady at $183.85 and December live cattle are up $0.12 at $185.80. It's 
looking the like the cash cattle market could wait to trade until Wednesday or 
later as still no packer interest has developed and asking prices remain 
illusive at this point.

   Boxed beef prices are mixed: choice down $1.00 ($320.49) and select up $0.60 
($305.42) with a movement of 55 loads (32.50 loads of choice, 13.31 loads of 
select, zero loads of trim and 8.71 loads of ground beef).


   The feeder cattle complex needs a little extra "umph" of support before 
traders will likely again move the contracts higher. Because between the live 
cattle contract's steady/somewhat lower trend, and nearby corn prices up 
slightly, traders are continuing to play the market cautiously as they'd like 
to see more technical support. But thankfully even with the market's slight 
downward ascend, the complex is still trading closely in line with its 100 day 
and 40 day moving averages. August feeders are down $0.80 at $257.97, September 
feeders are down $0.25 at $258.65 and October feeders are down $0.17 at $258.30.


   The lean hog complex is rocking-and-rolling thus far through Tuesday's trade 
as the futures complex is trading fully higher and the market is seeing better 
consumer demand pork cutout values are higher. The midday carcass prices are a 
little skewed because the ham jumped a whopping $7.32, which significantly 
increased the carcass prices, but all in all, the cuts are trending higher as 
the only cut with a lower price at noon is the picnic which is down $1.00 -- 
otherwise every other cut is prices higher. August lean hogs are up $2.77 at 
$91.20, October lean hogs are up $2.32 at $72.10 and December lean hogs are up 
$1.70 at $64.07.

   The projected lean hog index is delayed from the source. Hog prices are 
unavailable on the Daily Direct Morning Hog Report due to packer submission 
issues. Pork cutouts total 158.51 loads with 137.94 loads of pork cuts and 
20.57 loads of trim. Pork cutout values: up $2.48, $100.77.

   ShayLe Stewart can be reached


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