DTN Midday Livestock Comments          09/16 11:46

   Bids Surface in Nebraska

   Bids of $345 to $348 are currently being offered in Nebraska -- but no 
cattle have traded just yet.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is again trading mixed with the cattle contracts 
continuing to trade lower as traders yearn for further fundamental support, but 
the lean hog complex has found some mild technical support. Bids of $345 to 
$348 are currently on the table in Nebraska but no trade has developed yet. 
December corn is down 5 1/2 cents per bushel and December soybean meal is down 
$1.10. The Dow Jones Industrial Average is down 47.54 points and the NASDAQ is 
up 179.47 points.

LIVE CATTLE:

   The live cattle complex continues to drift lower as traders remain 
apprehensive about advancing the market without seeing stronger fundamental 
support. And while it's assumed that later this week the fed cash cattle market 
could trade higher -- traders know better than to count their eggs before they 
hatch. October live cattle are down $0.62 at $220.10, December live cattle are 
down $1.55 at $221.80 and February live cattle are down $1.92 at $222.75. The 
fed cash cattle market has seen some interest develop as currently bids of $345 
to $348 are being offered in Nebraska -- but otherwise the market remains 
quiet, with no other bids being offered. Asking prices still remain 
unestablished, and although bids are on the table in Nebraska -- with feedlot 
managers desiring to see the market trade higher again this week -- it's likely 
that trade will be delayed until later in the week.

   Boxed beef prices lower: choice down $0.03 ($376.05) and select down $0.59 
($355.77) with a movement of 65 loads (35.33 loads of choice, 7.09 loads of 
select, 13.65 loads of trim and 9.26 loads of ground beef).

FEEDER CATTLE:

   And again today in keeping with alignment to the live cattle complex -- the 
feeder cattle contracts are also trading lower. September feeders are up $0.45 
at $340.72, October feeders are down $1.35 at $332.50 and November feeders are 
down $3.02 at $325.87. Thankfully demand remained strong in sale barns on 
Tuesday even though the futures complex was slightly weaker -- and hopefully 
that remains the case again today even as the board continues to be pressured.

LEAN HOGS :

   The lean hog complex is trading mixed as traders have found some technical 
support following the recent trading days of immense pressure. October lean 
hogs are down $0.07 at $79.00, December lean hogs are up $0.50 at $70.15 and 
February lean hogs are up $0.02 at $71.92. It is helpful that the midday pork 
cutout values are up over a $1.00 higher -- but in order for that to lend much 
value to the market -- it will need to trade consistently over the course of 
multiple days. Pork cutouts total 201.81 loads with 177.09 loads of pork cuts 
and 24.72 loads of trim. Pork cutout values: up $1.48, $88.98. Hog prices are 
lower on the Daily Direct Morning Hog Report, down $2.37 with a weighted 
average price of $82.92, ranging from $81.00 to $84.00 on 4,491 head and a 
five-day rolling average of $84.24.

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




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