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DTN Midday Livestock Comments          04/26 11:56

   Cattle Futures Surge Higher Setting Contract Highs  

   New contracts highs have been set in most live cattle and feeder cattle 
contracts with triple-digit rallies developing during morning trade. The 
aggressive support seen through the Wednesday session is bringing another round 
of buyer support to the complex with live cattle futures pushing prices near 
$132 per cwt while May feeder cattle futures are holding prices above $140 per 
cwt. 

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   New contract highs have been set in live cattle and feeder cattle contracts 
as sharp triple-digit gains are holding Wednesday morning. This support has 
draw commercial and investment buyer support back into the market. Lean hog 
trade remains mixed within a narrow range with light activity limiting overall 
market movement through the complex. Corn prices are mixed to lower in light 
trade. May corn futures are 1 cent lower. Stock markets are higher in light 
trade. The Dow Jones is 55 points higher while Nasdaq is up 7 points.

   LIVE CATTLE:

   Traders in the live cattle complex are trying to keep up with the aggressive 
upward movement seen in feeder cattle markets with triple-digit gains quickly 
and steadily moving the market higher. This has helped traders to keep focused 
on seasonal support and additional buyer activity through the complex. 
Additional interest is likely to move into the complex through the end of the 
week as cash markets develop and additional contract highs are set. Cash cattle 
sales on the Fed Cattle Exchange Auction posted a total of 5,448 head listed 
for sale (40 Holstein) 1,945 head sold.

   1-9 Day Delivery: 353 head, weighted average price $131.68

   1-17 Day Delivery: 158 head, weighted average price $129.89

   17-30 Day Delivery: 1,394 head, weighted average price $125.42 Holstein 1-17 
Day Delivery: 40 head, weighted average price $93.50. This is about $3 higher 
than last weeks weighted average. Feedlot trade remains undeveloped with bids 
quiet and asking prices hard to pin down in most areas at this point. Beef 
cut-outs at midday are mixed, $0.24 lower (select) and up $0.42 per cwt 
(choice) with moderate movement of 82 total loads reported (37 loads of choice 
cuts, 21 loads of select cuts, 6 loads of trimmings, 18 loads of ground beef). 

   FEEDER CATTLE: 

   Gains in feeder cattle futures are reaching $3 per cwt in late summer 
contracts with the focus on long term supply tightness a possibility in both 
live cattle and feeder cattle markets. Commercial buyer interest continues to 
flood into the market during the last week of April with no sign of this 
activity slowing which may create some uncertainty during early May. Summer 
contracts are holding a $4 to $5 per cwt premium on spring contracts, but 
little additional other market shifts are seen through the complex which is 
drawing wide attention to the market at this point.  

   LEAN HOGS:

   Lean hog futures have pulled back from narrow gains seen during most of the 
morning as traders are now focusing on the pressure seen in morning cash hog 
markets and the pullback in cutout reports. This latest softness in lean hog 
futures is not expected to create any significant damage to the overall 
movement in the lean hog futures market as traders continue to draw buyer 
support to the market with traders through the end of the week with buyers look 
for long term seasonal support. Cash prices are lower at midday on the National 
Direct morning cash hog report. The weighted average price fell $0.43 at $53.21 
per cwt with the range from $49.00 to $54.00 on 5,459 head reported sold. Cash 
prices are unreported due to confidentiality on the Iowa Minnesota Direct 
morning cash hog report. The National Pork Plant Report reported 206 loads 
selling with prices fell $0.51 per cwt. Lean hog index for 4/24 is at $60.16 
down $0.33 with a projected two-day index of $59.93 down $0.23. 

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


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