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DTN Midday Livestock Comments          10/22 11:44

   Cattle Futures Lead Rally Monday 

   Aggressive triple-digit buyer support has swept through nearby feeder cattle 
trade. This is helping to bring additional buyers to the market which were 
previously holding a defensive stance following last week's losses.

By Rick Kment
DTN Analyst

   Strong gains quickly moved into livestock trade early Monday morning. The 
underlying support seen through the complex has continued to hold as traders 
are looking for additional direction and buyer interest following the active 
pressure last week. This may help to rekindle deeper market support through the 
end of the month. Corn markets are higher in light trade. December corn futures 
are 2 cents higher. Stock markets are mixed in light trade. The Dow Jones is 
195 points lower while Nasdaq is up 9 points.

   LIVE CATTLE:

   Strong morning gains have quickly moved through live cattle trade with early 
gains holding triple-digit market shifts in most nearby contracts. The focus on 
increased trade activity and gains over $2 per cwt in feeder cattle trade is 
quickly causing buyers to return to the live cattle market. Focus on 
lighter-than-expected cattle in feedlots at the end of September is sparking 
some underlying support through the entire complex. Cash cattle interest is 
quiet with show list distribution the extent of market activity. It may be 
midweek or later before active bids and asking prices are seen and late in the 
week before trade develops. Boxed Beef cut-outs at midday are higher, $2.65 
higher (select) and up $0.88 per cwt (choice) with moderate movement of 49 
total loads reported (16 loads of choice cuts, 14 loads of select cuts, 10 
loads of trimmings, 9 loads of ground beef).

   FEEDER CATTLE:

   Gains in the feeder cattle futures complex is leading the entire livestock 
market higher Monday morning. The focus on decreased placements in the month of 
September compared to year-ago levels initiated the buying activity. But this 
may not be enough to spark active support through the rest of the week as 
traders will need some additional information and help fundamentals through the 
end of the month.  

   LEAN HOGS:

   Firm gains are holding in lean hog futures trade following sluggish mixed 
trade early in the session. The strong market rally in cattle trade seen Monday 
morning has helped to bring about increased buyer activity through the entire 
complex. Even though prices have pulled back from session highs, the focus on 
renewed buyer activity is helping to solidify trade support early in the week, 
which could spark some underlying movement through the rest of the complex. 
Cash prices are unreported due to confidentiality on the Iowa/Minnesota Direct 
morning cash hog report. The National Pork Plant Report posted 135 loads 
selling on the morning report. Pork carcass values added $1.75 per cwt at 
$80.17 per cwt. Lean hog index for 10/18 is at $67.22 down 0.54 with a 
projected two-day index of 66.43, down 0.79.

   Rick Kment can be reached at rick.kment@dtn.com 


(SK)

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