DTN Midday Livestock Comments          11/03 11:48

   The Livestock Contracts Continue to Scale Lower

   The livestock complex is trading lower into Tuesday's noon hour as there's 
not been enough support available for traders to confidently push the contracts 
any higher. 

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Tuesday's market has been rather uneventful for the livestock complex as 
most of the contracts are trading lower as trades simply don't believe that 
there's enough fundamental support in the marketplace to do anything different. 
Still no cash cattle trade has developed and both bids and asking prices remain 
elusive. December corn is down 4 1/4 cents per bushel and December soybean meal 
is down $2.10. The Dow Jones Industrial Average is down 270.94 points and the 
NASDAQ is up 229.71 points.

LIVE CATTLE:

   It's another day of sitting around, waiting and hoping that fundamental 
support will arise in the market, but still traders remain hesitant to be 
overly supportive of the contracts in the meantime. December live cattle are 
down $0.60 at $219.10, February live cattle are down $1.12 at $222.55 and April 
live cattle are down $1.65 at $224.50. And while yes midday boxed beef prices 
are higher, traders are hoping to see added fundamental support from the fed 
cash cattle market -- which may or may develop later this week. No cash cattle 
trade has developed yet and both bids and asking prices remain elusive at this 
point. Trade will likely be delayed until Thursday or Friday again this week. 

   Boxed beef prices are higher: choice up $1.24 ($366.28) and select up $3.83 
($358.77) with a movement of 65 loads (49.88 loads of choice, 6.03 loads of 
select, zero loads of trim and 9.08 loads of ground beef). 

FEEDER CATTLE:

   The feeder cattle complex is also trading lower now as it's unwilling to 
move its market in the opposite direction of the live cattle market. November 
feeders are down $3.25 at $335.17, January feeders are down $3.97 at $328.70 
and March feeders are down $3.72 at $324.57. And until the live cattle market 
finds enough fundamental support and turns higher, the feeder cattle complex 
will likely continue to trade lower as well.

LEAN HOGS:

   The lean hog complex is trading lower into Tuesday's noon hour as well as 
even though midday pork cutout values are up slightly, the market simply 
doesn't possess enough fundamental support right now to confidently trade the 
contracts higher. December lean hogs are up $0.35 at $58.52, February lean hogs 
are down $0.40 at $63.47 and April lean hogs are down $0.42 at $69.22. The 
projected lean hog index is delayed from the source. Hog prices average $47.07, 
ranging from $40.00 to $58.50 on the Daily Direct Morning Hog Report, on 7,300 
head and a five-day rolling average of $53.00. Pork cutouts total 162.43 loads 
with 137.17 loads of pork cuts and 25.27 loads of trim. Pork cutout values: up 
$2.24, $74.52.

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




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