DTN Midday Livestock Comments          09/23 11:35

   Bids are on the table in Nebraska but no cattle have traded yet. 

   The livestock complex is trading mixed into Wednesday's noon hour with the 
cattle contracts seeing excellent support -- but the hog contracts are back to 
trading lower. Bids are currently on the table in Nebraska but no trade has 
been noted yet. December corn is down 8 1/2 cents per bushel and December 
soybean meal is down $0.40. The Dow Jones Industrial Average is down 311.06 
points and the NASDAQ is down 299.72 points.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is trading mixed into Wednesday's noon hour with the 
cattle contracts seeing excellent support -- but the hog contracts are back to 
trading lower. Bids are currently on the table in Nebraska but no trade has 
been noted yet. December corn is down 8 1/2 cents per bushel and December 
soybean meal is down $0.40. The Dow Jones Industrial Average is down 311.06 
points and the NASDAQ is down 299.72 points.

LIVE CATTLE:

   The live cattle complex may have started the day in question, but as the 
market nears Wednesday's noon hour, the bullish attitude is alive and well in 
the complex. October live cattle are up $1.57 at $220.32, December live cattle 
are up $2.42 at $221.87 and February live cattle are up $2.60 at $223.15. 
Thankfully today's uptick on the board has the spot December contracts still 
trading above their 40-day moving average -- which remains a critical threshold 
to continue to monitor. The cash cattle market remains quiet heading into 
Wednesday's noon hour, with still no trade having developed. There are 
currently bids of $223 live and $350 dressed being offered in Nebraska, but 
with the board trading higher, it's likely that feedlot managers will elect to 
allow some time to pass in hopes that interest could drive prices even higher. 
Asking prices remain unestablished still. 

   Boxed beef prices are lower: choice down $0.39 ($378.50) and select down 
$4.58 ($353.27) with a movement of 57 loads (30.14 loads of choice, 7.64 loads 
of select, 9.00 loads of trim and 10.13 loads of ground beef). 

FEEDER CATTLE:

   And upon seeing the live cattle contracts trading boldly ahead of 
Wednesday's noon hour, the feeder cattle contracts have jumped into action too 
-- pushing mostly a $4.00 to $6.00 rally into the day's afternoon. October 
feeder cattle are up $4.82 at $332.90, November feeders are up $5.85 at $329.05 
and January feeders are up $5.95 at $320.70. The strong uptick in the futures 
market will hopefully keep feeder cattle prices strong in the countryside as 
well today. 

LEAN HOGS :

   And unfortunately the same luck in which the cattle contracts are seeing 
isn't the same for the lean hog complex as its contracts are trading lower. 
October lean hogs are down $0.12 at $79.40, December lean hogs are down $0.90 
at $70.10 and February lean hogs are down $0.57 at $71.97. Some of the market's 
decline likely stems from the fact that midday pork cutout values are lower, 
but also from the fact that on Thursday the Quarterly Hogs and Pigs report is 
set to be released. The projected lean hog index is delayed from the source. 

   Hog prices are lower on the Daily Direct Morning Hog Report, down $0.59 with 
a weighted average price of $79.33, ranging from $73.00 to $85.50 on 2,603 head 
and a five-day rolling average of $79.98. Pork cutouts total 169.23 loads with 
150.78 loads of pork cuts and 18.45 loads of trim. Pork cutout values: down 
$0.81, $87.18.

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




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