DTN Midday Livestock Comments          12/16 11:35

   Traders Continue to Push the Livestock Contracts Higher

   With traders eager to continue to advance the contracts, the livestock 
complex is trading mostly higher into Tuesday's noon hour.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mostly higher into Tuesday's noon hour as 
traders remain actively supportive of the livestock contracts. Still no cash 
cattle trade has developed but asking prices are noted at $233 plus in the 
South. March corn is down 3 3/4 cents per bushel and January soybean meal is 
down $1.00. The Dow Jones Industrial Average is down 220.83 points and NASDAQ 
is down 8.02 points.

LIVE CATTLE:

   The live cattle complex is trading higher into Tuesday's noon hour as the 
market is pleased with the continued support of strong beef demand. February 
live cattle are down $0.07 at $230.47, April live cattle are up $0.17 at 
$230.20 and June live cattle are up $0.32 at $223.75. The market's 100-day 
moving average remains a stiff resistance threshold for the market and even 
with the support from higher boxed beef prices, traders don't firmly believe 
that they have enough support to currently trade above that threshold. No cash 
cattle trade has developed yet, but asking prices are noted in the South at 
$233 plus but still remain elusive in the North.

   Boxed beef prices are higher: choice up $0.78 ($360.24) and select up $1.73 
($349.03) with a movement of 48 loads (33.79 loads of choice, 8.30 loads of 
select, zero loads of trim and 5.98 loads of ground beef).

FEEDER CATTLE:

   The feeder cattle complex is off to a bold start this morning as the market 
is currently trading above its 100-day moving average in most of the nearby 
contracts. Fueled by strong buyer demand in the countryside and by the 
continued support of traders, the market is tiptoeing into territory that 
hasn't been traded at since late October. January feeders are up $4.00 at 
$343.92, March feeders are up $3.20 at $338.07 and April feeders are up $3.00 
at $336.77.

LEAN HOGS:

   And even with midday pork cutout values a tick lower, the lean hog complex 
is continuing to trade higher as traders remain committed to supporting the 
lean hog market. February lean hogs are up $0.67 at $82.52, April lean hogs are 
up $0.75 at $89.67 and June lean hogs are up $0.67 at $101.75. The market could 
soften later this afternoon if fundamental support doesn't arise.

   The projected lean hog index is delayed from the source. Hog prices are 
lower on the Daily Direct Morning Hog Report, down $3.09 with a weighted 
average price of $69.91, ranging from $64.00 to $72.00 on 2,149 head with a 
five-day rolling average of $71.55. Pork cutouts total 180.49 loads with 157.11 
loads of pork cuts and 23.38 loads of trim. Pork cutout values: down $0.47, 
$98.42.

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




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