DTN Midday Livestock Comments 01/28 11:52

DTN Midday Livestock Comments 01/28 11:52 Beef Futures Moderately Lower Near Midday For the most part, live and feeder futures are moderately lower in late morning business, checked by profit taking and uncertain cash potential. Lean hog futures look narrowly mixed with Spot Feb attractive better buying interest than the balance of the complex. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Packer bids in feedlot country remain few and far between. A few buying efforts have been identified in the South at 130-132. Some asking prices have been suggested around $138-140 in the South and $215 plus in the North. The cash cattle market may not be tested until late Friday. According to the midday report, the national hog base is .60 lower compared with the Prior Day settlement ($52.00-60.50, weighted average $58.46). The corn trade near the noon hour is 3-4 cents lower, pressure by commercial selling in the bean market and large world supplies of grain in general. Equities are struggling for gains at midday, as declines in biotech stocks on earnings offset gains from a jump in oil prices. The Dow is 88 points higher near the top of the hour with the Nasdaq positive by 49. LIVE CATTLE: Live traders seem to be taking a breather today, pulling prices some lower in the wake of midweek bullishness. For the most part, contracts are moderately lower at midday, checked by pre-cash profit taking and some caution tied to faltering cut-outs. Beef cut-outs are mixed at midday, up $1.43 (select, $216.45) to off 0.13 (choice, $221.20) with light to moderate box movement (54 loads of choice cuts, 17 loads of select cuts, 14 loads of trimmings, 9 loads of coarse grinds). FEEDER CATTLE: Spot January is holding moderate gains as it moves toward expiration at 12:00 CST. But the rest of the feeder field is moderately lower, pressured by spillover selling from the live trade. LEAN HOGS: Action in the lean market has been quite slow and uneventful through the morning with neither side displaying much initiative. Prices are modestly lower for the most part, though spot Feb is supported by more bull spreading and the recent advancing record of the cash trade. Carcass value is some higher at midday with firmer loins and bellies overshadowing weakness in butts, picnics, ribs, and hams. Pork cut-out: $75.96, up 0.19. CME cash lean 01/26: 59.45, up 0.68 (DTN Projected lean index for 01/27: 60.23, up 0.78). John Harrington can be reached at feelofthemarket@yahoo.com Follow John Harrington on Twitter @feelofthemarket (ES) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.