DTN Midday Livestock Comments          03/31 11:50

   Cattle Futures Continue Higher Tuesday

   Additional triple-digit gains have developed Tuesday morning across live 
cattle and feeder cattle futures, with prices continuing to move toward 
contract highs.

Rick Kment
DTN Analyst

GENERAL COMMENTS:

   Strong triple-digit gains have redeveloped in all cattle trade, with feeder 
cattle futures leading the shift higher and prices holding a $3-per-cwt rally 
through most nearby contracts at midday. Lean hog futures remain under light to 
moderate pressure with ample supply of hogs available for packers' needs. This 
is not only limiting cash hog prices but also limiting pork values heading into 
April. May corn is up 2 1/2 at $4.583 and May soybean meal is up $1.40 at 
$316.3. The Dow Jones Industrial Average is up 493.04 at 45,709.18.

LIVE CATTLE:

   Live cattle futures continue to move higher with trade gaining on technical 
support as nearby contracts near contract highs. The ability to continue to 
push boxed beef prices higher as they near $400 per cwt is adding even more 
momentum to the live cattle complex. The combination of already tight supplies 
and potential cow losses due to Nebraska fires and feed shortages due to 
drought conditions could add more momentum to the market in the coming days and 
weeks. Cash cattle markets are still quiet with a very slow start to the day 
this Tuesday morning in cash cattle country, with bids and asking prices not 
established. Significant trade volume will likely be delayed until Wednesday or 
more likely later in the week. April live cattle are $1.60 higher at $241.15, 
June live cattle are $1.20 higher at $241.4 and August live cattle are $1.25 
higher at $238.55. Boxed beef prices are Higher: choice up $2.34 ($396.44) and 
select up $3.78 ($394.79) with a movement of 50.25 loads (36.36 loads of 
choice, 6.30 loads of select, zero loads of trim and 7.59 loads of ground beef).

FEEDER CATTLE:

   Feeder cattle futures surged higher, with April through August futures 
posting gains above $3 per cwt at midday. This continued momentum in all cattle 
markets is sparking additional fundamental and technical buying through the 
entire complex. It is expected that additional market support will be seen 
through the end of the day as traders look to end the month of March and first 
quarter on a positive note. April feeders are $3.23 higher at $366.525, May 
feeders are $3.18 higher at $364.5 and August feeders are $2.95 higher at 
$362.55.

LEAN HOGS:

   Lean hog futures are the one area of livestock trade that is not posting 
active, aggressive gains Tuesday morning. Spot April contracts are lightly 
traded and holding single-digit losses, while most of the focus is on the June 
contracts due to overall limited open interest in the May lean hog contracts. 
Once April contracts expire, the majority of trade will then be focused on June 
contracts, which are currently trading $14 per cwt above the April market. This 
could help to bring about some additional cash market support, but the overall 
outlook in the lean hog complex remains cautious at best, given current pork 
demand, while supplies of market-ready or near market-ready hogs remain readily 
available. April lean hogs are $0.10 lower at $90.375, May lean hogs are $0.75 
lower at $96.375 and June lean hogs are $0.95 lower at $104.925. Hog Prices are 
lower on the Daily Direct Morning Hog report, down $0.23 with a weighted 
average of $90.37, ranging from $88.00 to $91.00 on 3,104 head with a five-day 
rolling average of $90.72. Pork Cutouts totaled 185.54 loads with 155.12 loads 
of pork cuts and 30.42 loads of trim. Pork cutout values are down $1.55 at 
$97.08.




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