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DTN Midday Livestock Comments          01/21 12:10

   Lean Hog Market Is Working, Cattle Trade Is Quiet 

   After the long weekend the market open is largely uneventful with cattle 
contracts be lethargic. It's too early for cash cattle trade to develop and 
lean hog contracts are trading slightly higher. But after last week's signing 
of the phase one trade agreement and the emotional influx surrounding its being 
approved, it's healthy for the market to open to a steady, largely unchanged 
market place. 

By ShayLe Stewart
DTN Livestock Analyst

General Comments

   After the long weekend the market open is largely uneventful with cattle 
contracts be lethargic. It's too early for cash cattle trade to develop and 
lean hog contracts are trading slightly higher. But after last week's signing 
of the phase one trade agreement and the emotional influx surrounding its being 
approved, it's healthy for the market to open to a steady, largely unchanged 
market place. March corn is down 1 1/4 cents per bushel and March soybean meal 
is down $0.70. The Dow Jones Industrial Average is down 29.20 points and NASDAQ 
is up 5.67 points. 

   LIVE CATTLE 

   The live cattle market is sticking close to steady as the noon hour 
approaches, with nearby contracts just barely over and deferred contracts 
trading slightly lower. February live cattle are up $0.02 at $126.27, April 
live cattle are up $0.10 at $127.35 and June live cattle are up $0.10 at 
$119.30. It's too early in the week for cash cattle to start to trade and 
asking prices have yet to be established. 

   Consigned to Wednesday's Fed Cattle Exchange there are 561 head of fat 
cattle with two pens of steers from Nebraska, one pen of heifers from Kansas 
and one more pen of steers from Texas. 

   Formula totals for last week were mixed, larger in Nebraska, but smaller in 
Texas and Kansas: Kansas 86,605(down 13,399), Nebraska 60,284(up 7,982), Texas 
74,955(down 3,687). Total trade volume was also mixed higher in Nebraska, 
somewhat lower in Texas, and lower in Kansas: Kansas 108,370(down 6,723), 
Nebraska 85,284(up 14,102), Texas 81,801(down 744). New show lists appear to be 
mixed, larger in Kansas, but lower in Texas, and Nebraska/Colorado.

   Boxed beef prices are mixed: choice up $0.79 ($215.43) and select down $0.12 
($213.36) with a movement of 54 loads (34.05 loads of choice, 6.07 loads of 
select, 6.26 loads of trim and 8.01 loads of ground beef). 

   FEEDER CATTLE 

   Trading slightly lower Monday morning, feeder cattle contracts aren't 
overjoyed with Monday's appearance. January feeder cattle are down $0.42 at 
$144.92, March feeder cattle are down $0.32 at $144.67 and April feeder cattle 
are down $0.37 at $147.50. Upon reviewing last week's weighted averages for 
sale barns across the country, most sale barns had phenomenal sales on steer 
calves weighing less than 700 pounds. It was common to read the weekly averages 
and note last week's steers selling $2.00 to $5.00 higher with some sales even 
noting instances of prices $10.00 better. 

   LEAN HOGS 

   Cumulative trade volume is grabbing interest as lean hog contracts trade 
sideways into the noon hour. February lean hogs are up $0.22 at $67.90, April 
lean hogs are up $0.47 at $74.57 and May lean hogs are up $0.35 at $81.05. It's 
helping that both the cattle contracts are quiet, seeming to be uninterested in 
taking a stake in Tuesday's trade, and corn prices are teetering lower. 

   The projected lean hog index for 1/20/2020 is up $0.04 at $60.18, and the 
actual for 1/17/2020 is down $0.31 at $60.14. Hog prices are lower on the 
National Direct Afternoon Hog Report, down $0.01 with a weighted average of 
$51.81, ranging from $46.00 to $53.00 on 8,831 head sold and a five-day rolling 
average of $51.53. Pork cutouts total 207.32 loads with 190.85 loads of pork 
cuts and 16.47 loads of trim. Pork cutout values: up $1.17 at $78.28. 

   ShayLe Stewart can be reached shayle.stewart@dtn.com 


(CZ)

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