DTN Midday Livestock Comments 04/29 12:04

DTN Midday Livestock Comments 04/29 12:04 Live Cattle Firm Near Midday Thanks to Late-Week Short Covering The cattle complex is mixed moving toward the noon hour with prices higher in the live market and modestly lower in the feeder trade. On the other hand, lean futures are mostly higher with summer issues outperforming the far deferred. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade is generally quiet at midday with just a few clear-up deals reported in parts of the North (e.g., a little $193 in Eastern Nebraska, a little $124 in Texas). For the most part, feedlot biz seems to be done for the week. According to the midday report, the national hog base is 0.81 higher compared with the Prior Day settlement ($66.84-71.00, weighted average $69.23). Corn futures opened higher but have turned fractionally mixed at midday thanks to profit taking and late week positioning. Wall Street is struggling with the Dow off as much as 107 points and the Nasdaq off 38. LIVE CATTLE: Live futures are 37 to 165 points higher in late week short covering and profit taking. The last two sessions have been a tough ride for bulls, such that today's firmer tone probably doesn't say much per se. Spot April is 190 points higher just before expiration at high noon. It's possible that delivery interest could surface late since the contract permits early May settlement. Beef cut-outs are mixed at midday, up .08 (select, $203.17) to off .45 (choice, $212.05) with light box movement (35 loads of choice cuts, 14 loads of select cuts, 13 loads of trimmings, 16 loads of coarse grinds). FEEDER CATTLE: The action here as been rather choppy in light trade volume. Most of the morning's session saw lower price action here, but late week short covering has now lifted most issues back into the black. Whatever, the close is not likely to alter the technical picture drawn over the last few day s (i.e., negative). LEAN HOGS: Lean hog issues are moderately higher for the most part with jjust a few 2017 contracts in the shallow red. If the summer months can close the week firmly above 81, they stand to make new technical friends when trading resumes on Monday. Carcass value is modestly lower at midday with appreciation in fresh cuts and bellies offset by rib and ham weakness. Pork cut-out: $81.61, off 0.20. CME cash lean 69.81, up 0.75 (DTN Projected lean index for 04/28: 70.47, up 0.66). John A. Harrington can be reached at john.harrington@dtn.com (ES) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.