DTN Midday Livestock Comments 08/02 11:58

DTN Midday Livestock Comments 08/02 11:58 Live and Feeder Futures Turn Mixed at Midday Prices covering the cattle complex near the top of the noon hour are mixed with nearbys gaining on deferreds. On the other hand, action in the lean hog market is mostly higher at midday, supported by short covering and some technical buying. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade remains dead in the water with no bids reported in any corner. Some showlists in parts of the South have been reported at $120 or better. According to the midday report, the national hog base is $1.20 lower compared with the Prior Day settlement ($62.00-66.50, weighted average $63.84). Corn futures are 4-5 cents lower in late morning biz, pressured by further struggles in the bean market. The stock market is under pressure today following global markets lower. The Dow is 111 points lower at this time with the Nasdaq off 57. LIVE CATTLE: Live are mixed at midday (i.e., up 10 to off 45) with nearbys supported by cash premiums and bull spreading interest. Early August bulls are seeking renewal in terms of the historical tendency for cash and futures to bottom during the current time frame. A sustained recovery this week in the boxed beef trade would certain help to nurse such budding confidence. Beef cut-outs are solidly higher at midday, up 0.70 (choice, $198.40) to 0.97 (select, $191.19) with light box movement (28 loads of choice cuts, 13 loads of select cuts, 10 loads of trimmings, 20 loads of coarse grinds). FEEDER CATTLE: Action in the feeder trade is also uneven near the noon hour with nearbys gaining on deferreds. The snapshot at this time depicts prices ranging from 52 points higher to 100 lower. LEAN HOGS: Lean hog futures are moderately higher as biz moves into the final hour (i.e., generally 37 to 105 in the green). Contracts are supported by short covering and temporary ideas of oversold charts. Carcass value is significantly higher at midday thanks to the belly primal sizzling back to life i.e., up $17.25). Pork cut-out: $81.71, up $2.24. CME cash lean index for 07/29: 72.75, off 0.98 (DTN Projected lean index for 08/01: 72.21, off 0.54). John A. Harrington can be reached at john.harrington@dtn.com (CZ) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.