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DTN Midday Livestock Comments          11/25 12:16

   Cattle Futures Firm Midweek                           

   Light support developed across cattle futures helped to push prices higher 
early Wednesday. This created additional support through the market, and moved 
additional firm buying interest into hog trade. 

By Rick Kment
DTN Analyst


   Livestock futures are holding moderate to firm support in light trade 
Wednesday morning as light volume is see before traders break for the 
Thanksgiving day holiday. This could allow for sluggish end-of-day activity 
allowing for prices to hold in very little market movement before closing bell. 
Corn prices are higher in light trade. December corn futures are 3 cents higher 
in front-month December contracts. Stock markets are higher in light trade. The 
Dow Jones is 25 points higher while Nasdaq is up 12 points.


   Live cattle futures trade is holding moderate gains at midday as light 
support continues to trickle through the morning and may continue to shift into 
the end of the day. Very light trade is seen through the market, allowing 
markets to coast into closing bell and the Thanksgiving holiday. Trade is still 
undeveloped, but packers are becoming more active with bids developing in the 
North at $195 through the morning. Asking prices are seen at $131 to $132 in 
the South and $200 and higher in the North. Both sides would like to get 
business done before the end of the day, although the trend over the last few 
weeks to move trade to late Friday afternoon would create another return Friday 
after the holiday. Beef cut-outs at midday are higher, $1.18 higher (select) 
and up $1.38 per cwt (choice) with active movement of 132 total loads reported 
(69 loads of choice cuts, 18 loads of select cuts, 15 loads of trimmings, 30 
loads of ground beef).


   Light gains have bantered back and forth through the feeder cattle market 
during the lightly traded session Wednesday morning as volume has slowed 
through the last day of trade before the holiday. The focus on market activity 
before the break seems to be creating additional sluggish trade interest which 
may create additional softness through the market. Prices are 20 to 50 cents 
higher, which are likely to carry into closing bell, but unlikely to spark any 
additional market shifts through the end of the week. 


   Triple-digit gains have developed Wednesday in nearby lean hog futures as 
strong buying quickly stepped into the market based on firm cash market 
support. Additional interest is seen through the rest of the complex, which is 
helping to draw prices higher. Follow-through buying is expected to be seen 
through the end of the session. Cash prices are higher on the National Direct 
morning cash hog report. The weighted average price added $0.78 per cwt to 
$51.46 per cwt with the range from $47.00 to $52.25 per cwt on 2.285 head 
reported sold. Cash prices are higher on the Iowa Minnesota Direct morning cash 
hog report. The weighted average price added $0.31 per cwt to $52.21 per cwt 
with the range from $47.00 to $52.25 per cwt on 2.285 head reported sold. The 
National Pork Plant Report reported 223 loads selling with prices down $0.84 
per cwt. Lean hog index for 11/19 is at $55.52 down 0.35, with a projected 
two-day index of $55.37, down 0.37. 

   Rick Kment can be reached at 


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