DTN Midday Livestock Comments          03/27 11:45

   Traders Finally Receive Fundamental Support They Needed 

   Some bids are on the table in the South at $235, but at this point no more 
trade has developed following Thursday's thin business. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading higher into Friday's noon hour as the 
market finally found the support it wanted to see. Bids are currently on the 
table in the South, but no more cash cattle trade has been noted. May corn is 
down 2 1/2 cents per bushel and May soybean meal is down $3.20. The Dow Jones 
Industrial Average is down 484.82 points and NASDAQ is down 305.69 points.

LIVE CATTLE:

   With the aid of steady trade in the cash cattle complex and upon seeing 
midday boxed beef prices higher, the live cattle contracts are $2.00 to $3.00 
higher ahead of Friday's noon hour. April live cattle are up $3.25 at $238.35, 
June live cattle are up $3.70 at $238.52 and August live cattle are up $3.60 at 
$236.00. Currently the spot June live cattle contract is trading above its 
40-day moving average, which has been a challenging threshold for the market 
over the last week. Following the light business that developed in the North on 
Thursday at $372 (fully steady with last week's weighted average) there's been 
no more cash cattle trade noted yet. Bids are currently on the table in the 
South at $235, but feedlot managers are holding firm as their initial asking 
price was set at $238 to $240. More trade will need to develop throughout the 
day.

   Boxed beef prices are higher: choice up $4.24 ($394.09) and select up $0.23 
($391.89) with a movement of 62 loads (43.96 loads of choice, 3.26 loads of 
select, 6.71 loads of trim and 8.01 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is loving all the support the cattle sector is 
receiving Friday morning and the contracts are mostly $5.00 to $6.00 higher 
headed into Friday's noon hour. April feeders are up $6.10 at $361.17, May 
feeders are up $6.90 at $358.72 and August feeders are up $6.42 at $356.80. 
Feeder cattle demand has also been stronger this week in sale barns across the 
country as buyers realize turn-out season is quickly approaching.

LEAN HOGS:

   The lean hog complex has fully absorbed Thursday's Quarterly Hogs and Pigs 
report and is making the most out of it as the nearby contracts are more than 
$1.00 higher heading into Friday afternoon. April lean hogs are steady at 
$90.82, June lean hogs are up $1.52 at $105.82 and July lean hogs are up $1.87 
at $108.57. Hopefully this sizeable move confirms there's been a short-term 
bottom established for the futures complex. The projected CME Lean Hog Index is 
delayed from the source. Hog prices are lower on the Daily Direct Morning Hog 
Report, down $0.32 with a weighted average price of $90.60, ranging from $89.00 
to $92.00 on 1,753 head and a five-day rolling average of $90.91. Pork cutouts 
total 236.48 loads with 212.43 loads of pork cuts and 34.05 loads of trim. Pork 
cutout values: up $3.15, $98.50.

   **

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   **

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




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