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DTN Midday Livestock Comments          06/24 12:04

   Cattle Futures Hold Triple-Digit Losses at Midday

   Sharp losses are seen through the live and feeder cattle futures at midday 
based on widespread and aggressive losses in nearly all other outside markets. 
Concern over economic stability around the world has continued to drive selling 
pressure into the market. 

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   Outside market pressure is driving the livestock markets lower Friday 
morning with cattle futures holding triple-digit losses. There may be some 
additional softness in late-day trade. Lean hog futures are lower, but with 
limited pressure in nearby contracts. Corn prices are lower. July corn futures 
are down 7 cents. Stock markets are lower in light trade. The Dow Jones is 518 
points lower while Nasdaq is down 180 points.

   LIVE CATTLE:

   Live cattle futures are following the direction of outside markets as 
triple-digit losses continue to hold across the complex. Concern about how 
global economies will react over the coming weeks and months to the UK leaving 
the EU and also the availability of money in commodity markets is keeping 
traders unwilling to buy. Cash cattle activity is still generally light with 
bids at $116 in the South and $184 to $186 per cwt in the North. Moderate trade 
developed through the week, which will likely limit any additional trade 
through the end of the week in the South, although more Northern Trade is still 
needed. Beef cut-outs at midday are mixed $0.04 higher (select) and down $1.46 
per cwt (choice) with light movement of 78 total loads reported (54 loads of 
choice cuts, 15 loads of select cuts, no loads of trimmings, 9 loads of ground 
beef).

   FEEDER CATTLE: 

   Feeder cattle futures remain under sharp pressure following the lack of 
support in outside markets. August futures are leading the market lower with a 
$2.10 per cwt loss. Even though prices have bounced off of early lows, the lack 
of support in the market is evident, likely keeping losses near $2 per cwt 
through the end of the session.    

   LEAN HOGS:

   Activity has been extremely light with prices moving very little through the 
morning. The overall lack of direction through the lean hog market in 
front-month futures has kept losses narrow, currently down 22 cents per cwt. 
Deferred futures are most heavily impacted by outside market pressure. Cash 
prices are lower on the National Direct morning cash hog report. The weighted 
average price fell $1.03 per cwt to $80.27 per cwt with the range from $79.72 
to $82.50 per cwt on 2,475 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 130 loads selling with prices unchanged per 
cwt. Lean hog index for 6/21 is at $83.51, up 0.38 with a projected two-day 
index of $84.02 up 0.51.

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


(CZ)

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