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Latin America
Cattle Pits See Mostly Higher at Midday
DTN Midday Livestock Comments 01/30 12:09
Cattle Pits See Mostly Higher at Midday
Beef-related futures are firming near the top of the noon hour with live
contracts mostly higher and feeder issues mixed. Lean hog prices are holding
moderate progress at midday, supported by appreciating carcass value and the
premium status of the cash index.
By John Harrington
DTN Analyst
GENERAL COMMENTS:
Cattle-buying interest is improving some in parts of the South. Indeed,
Kansas is reporting a light trade at $125, $3 higher than last week. We also
understand that some lots in Oklahoma and Texas have been bid as high as $125.
On the other hand, Northern cash remains completely untested with few bids
evident in the face of asking prices as high as $203-plus. According to the
midday report, the Iowa hog base is $2.29 higher compared with the Prior Day
settlement ($76.00-89.50, weighted average $86.95). Old crop corn futures are
6-7 cents higher thanks to seasonal and technical buying interest. News that
the U.S. economy contracted unexpectedly in the fourth quarter has caused the
stock market to modestly say near midday. The Dow is 5 points lower at this
time with the Nasdaq off by 1.
LIVE CATTLE:
Mostly 12 to 47 higher. While spot Feb drifts back and forth between red ink
and black, most live contracts are holding moderate progress near midday. There
seems to be more buying caution near the front of the pit, a nervousness
probably tied to cash discounted and ongoing signs of lackluster beef demand.
Beef cut-outs at midday are mixed, up 0.17 (choice, $187.06) to off 0.07
(select, $181.03) with moderate demand (79 loads of choice cuts, 60 loads of
select cuts, one load of trimmings, 27 loads of coarse grinds).
FEEDER CATTLE:
Mixed, up 22 to off 95. Nearby contracts are showing modest gains at midday,
but deferreds are pressured by new buying strength in the corn pit.
LEAN HOGS:
Mostly 20 to 52 higher. Te lean pit is trading moderately higher, supported
by recent evidence of carcass strength and the premium of the cash lean index
over spot Feb. Pork product trading is very slow according to the noon carlot
with light demand and mostly moderate offering on retail cuts. On the other
hand, the offering of processing items is described as very light. CME cash
lean 1/28: 88.42, off 0.09 (DTN Projected lean index for 1/29: 88.30, off 0.12).
John A. Harrington can be reached at john.harrington@telventdtn.com
(SK)
Copyright 2013 DTN/The Progressive Farmer. All rights reserved.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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