DTN Midday Livestock Comments          11/10 11:48

   Cattle Futures Bounce Higher Monday

   Following the extreme volatility in cattle trade over the past couple of 
weeks, buyers quickly moved back into cattle futures Monday morning. Hog 
futures gain limited support based on cattle market reaction.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   Cattle markets have rallied higher through the morning with active gains 
seen in both live cattle and feeder cattle futures Monday following the weekend 
break. The increased volatility over the past couple of weeks seems to have 
added fuel to the fire, but extreme volatility of this nature seems to create 
more market shifts than solve any long-term market issues. December corn is up 
at $4.283 and December soybean meal is up $1.60 at $318.7. The Dow Jones 
Industrial Average is up 21.01 at 47,008.11.

LIVE CATTLE:

   Live cattle futures continue to surge higher following additional buyer 
support quickly flooding the market. December live cattle futures are now 
trading near $228 per cwt following a $6.60 per cwt morning rally. The rest of 
nearby live cattle contracts continue to trade slightly higher than spot month 
market gains, but the overall support remains uncertain as the wide market 
shifts over the past couple of weeks is leaving prices still vulnerable. The 
ability to keep recent market lows in check could help to instill a short and 
potentially intermediate market floor into live cattle futures, helping to draw 
additional trade activity heading into the holiday season. Cash cattle remain 
quiet through the morning as it is looking like it may be a typically quiet 
Monday with both buyers and sellers busy taking inventory and preparing for the 
week ahead. Bids and asking prices have yet to be established, and significant 
trade volume will likely be delayed until the second half of the week. With 
Tuesday being a holiday, but markets remaining open, likely, activity through 
cattle country and with packer schedules will generally be unaffected by the 
Veterans Day Holiday. December live cattle are $4.23 higher at $225.575, 
February live cattle are $4.50 higher at $224.25 and April live cattle are 
$4.08 higher at $223.80. Boxed beef prices are higher: choice up $1.83 
($378.23) and select up $0.95 ($362.04) with a movement of 36.95 loads (22.56 
loads of choice

FEEDER CATTLE:

   Feeder cattle futures are leading the market higher Monday, with indications 
that additional support may continue to add buyer support as the week 
continues. Feeder cattle futures are locked $9.25 per cwt higher, and a close 
at these levels could lead to increased volatility Tuesday. The challenge with 
Tuesday being a holiday is that the markets will remain open, but with 
financial institutions closed, this typically significantly reduces overall 
trade volume and could add additional volatility to the market moves. November 
feeders are $9.25 higher at $335.65, January feeders are $9.25 higher at 
$328.825 and March feeders are $9.25 higher at $323.225.

LEAN HOGS:

   Lean hog futures are generally higher Monday morning, with nearby contracts 
posting triple-digit support based partially on support in pork values. But the 
wide swing higher in cattle trade is also spilling over to the hog complex 
during morning trade activity. Limited fundamental shifts are seen in the lean 
hog market at this point, with prices still searching for a sense of market 
support following firm pressure over the last few weeks.

   December lean hogs are $2.43 higher at $81.825, February lean hogs are $0.93 
higher at $80.275 and April lean hogs are $0.43 higher at $83.825. Hog Prices 
are lower on the Daily Direct Morning Hog report, down $0.19 with a weighted 
average of $84.29, ranging from $82.00 to $87.00 on 4,281 head with a five-day 
rolling average of $84.61. Pork Cutouts totaled 205.85 loads with 191.55 loads 
of pork cuts and 14.30 loads of trim. Pork cutout values are up $3.55 at 
$100.18.

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




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