DTN Midday Livestock Comments 06/09 12:04

DTN Midday Livestock Comments 06/09 12:04 Meat Futures Remain Mixed at Midday The cattle complex is mixed at midday in slow volume as traders cautiously position ahead of late week feedlot sales. The lean hog trade at the CME also like consistent definition with prices swinging between moderately higher to moderately lower. By John Harrington DTN Analyst GENERAL COMMENTS: Monitoring the cash cattle trade at midday makes barn painting seem like a spectator sport. Given lackluster bids of $124 in the South and $202-205 in the, significant excitement and trade volume will probably be postponed until sometime Friday. Asking prices remain firm around $132 I the South and $210 plus in the North. According to the midday report, the national hog base is $1.13 lower compared with the Prior Day settlement ($72.00-78.75, weighted average $76.83). The corn trade is off 3-4 cents just before the top of the noon hour, checked by profit taking and forecasts of rain over much of the Midwest through the weekend. The stock market is trading lower at midday, checked by a pullback in oil prices from multi-month highs and a decline in global benchmark yields. The Dow is currently off 60 points with the Nasdaq down by 26. LIVE CATTLE: Live cattle contracts are mostly lower at this writing, but not by much. Prices have been slopping on both sides of unchanged through the morning. Bulls and bears alike seem reluctant to commit before the development of the late week cash trade. While cash premiums are supported, tough overhead resistance sits near the May highs (124.67 basis June). Beef cut-outs are significantly higher at midday, up $1.80 (choice, $226.90) to $2.00 (select, $202.55) with light to moderate movement (37 loads of choice cuts, 21 loads of select cuts, 6 loads of trimmings, 20 loads of coarse grinds). FEEDER CATTLE: Feeders are moderately lower at midday, pressured by discounted deferred issues and a general lacking of buying interest. Having said that, feeder issues seem to be wandering today pretty much like their live counterparts. LEAN HOGS: Lean hog futures are mixed near midday, up 62 to off 57. Trade volume is slow and unevenly peppered by short covering and follow-through buying. The carcass value is under pressure at midday with all primals quoted lower except the belly. Pork cut-out: $87.83, off 0.91. CME cash lean for 06/07: 79.02, up 0.85 (DTN Projected lean index for 06/08: 79.76, up .74). John A. Harrington can be reached at john.harrington@dtn.com (ES) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.