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DTN Midday Livestock Comments          07/28 11:52

   Meat Futures Pull Back at Midday from Early Session Highs

   The cattle complex is mixed near the top of the noon hour with live contacts 
mostly lower and feeder issues primarily higher. Lean hog futures are 
moderately lower at midday as early buying energy fades.

By John Harrington
DTN Analyst


   Activity in cattle country is limited to the distribution of new showlists. 
Generally speaking, ready numbers of steers and heifers appear to be larger 
than last week, though the fed supply in Kansas looks about steady. A few 
asking prices have been suggested around $170 on the South and $270 in the 
North. According to the midday report, the national hog base is $2.85 lower 
compared with the Prior Day settlement ($112.00-123.01, weighted average 
$121.37). Corn futures are 1-3 cents higher in late-morning business, boosted a 
bit by early week short covering and spillover strength from the bean pit. The 
stock market is under pressure near midday with the Dow industrials falling to 
a one-month low. The Dow is off by 30 points with the Nasdaq down 18.


   Mixed, up 70 to off 107. Nearby futures open significantly higher but 
quickly attracted long liquidation and spec selling. The trade remains very 
volatile, perhaps not surprising given the thin air that typically accompanies 
record price action. Floor talk blames nervous ties to wholesale beef demand. 
Can it be sustained at these levels? Beef cut-outs are significantly higher at 
midday, up $1.39 (choice, $258.77) to $1.71 (select, $256.04) with very light 
box movement (21 loads of choice cuts, 11 loads of select cuts, eight loads of 
trimmings, 12 loads of coarse grinds).


   Up 72 to 132. Though feeder contracts have also retreated from early highs 
through the morning, most contacts continue to hold decent gains at midday. The 
tight implications of the midyear herd inventory released on Friday are 
certainly supportive of the general bullish case. 


   Mostly 12 to 65 lower. Lean futures appeared to be on the mend through 
midsession, but selling interest resurfaced tied in part to another round of 
lower packer bids in the country. Cattle bulls trimming their sails has also 
made it tougher here. Carcass value is sharply higher at midday, juiced by a 
$12.36 surge in the belly primal. Pork cut-out: $133.52, up $1.73. CME cash 
lean 07/24: 130.33, off 0.86 (DTN Projected lean index for 07/25: 129.76, off 


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