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DTN Midday Livestock Comments          04/21 11:46

   Lean Hogs Continue to at Midday

   Lean hog futures are solidly lower at near midday, pressured by long 
liquidation and technical selling. On the other hand live and feeder contracts 
are mostly higher in slow, pre-report actions. Corn futures are fractionally 
higher in late morning activity.

By John Harrington
DTN Analyst

GENERAL COMMENTS: 

   Not a peep can be heard from cattle buyers or sellers at midday, and it's a 
good bet that biz is done for the week.

   According to the midday report, the national hog base is 0.76 lower compared 
with the Prior Day settlement ($50.00-54.00, weighted average $53.12). 
"Featureless" is the name of the game in the corn trade as we move toward the 
top of the noon hour. Prices are fractionally mixed.

   The stock market is some lower at midday with the Dow off 13 points and the 
Nasdaq down 5.

   LIVE CATTLE: 

   Technically speaking, live prices are mixed just before the noon hour, 
ranging from 25 higher to 12 lower. For what it's worth, more contracts are in 
the green than red. Yet there's not much going on here as traders taking 
profits and brace before the release of the April 1 on feed report set for 2:00 
CDT this afternoon. As usual, most eyes will be focused on March placement 
activity with the average guess put at 107-108 of 2016. Beef cut-outs are 
significantly higher at midday, up 0.49 (select, $204.06) to $1.97 (choice, 
$217.69) with very light box movement (18 loads of choice cuts, 14 loads of 
select cuts, 6 loads of trimmings, 10 loads of coarse grinds).

   FEEDER CATTLE: 

   Most contracts here are in the green at midday, though not by much. Spot 
April is catching some buying interest thanks to this week's appreciation of 
the cash index.

   LEAN HOGS: 

   Lean hog futures remain on the defensive today linked to plentiful country 
offerings and choppy at best wholesale product demand. If all summer months 
close the week under 70, it will represent both technical and psychological 
damage. The pork carcass value quoted at midday is substantially higher with 
the help of better demand for hams and butts. Pork cut-out: $75.34, up 0.55. 
CME cash lean index for 04/19: 61.59, off 0.30 (DTN Projected lean index for 
04/20: 61.10, off 0.49).

   John A. Harrington can be reached at john.harrington@dtn.com 


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