DTN Before The Bell-Livestock

GENERAL COMMENTS

The cash cattle trade is quiet this morning following moderate activity on Wednesday. We could see more business either today or tomorrow, especially in the South. A few bids of $188-190 have been reported in parts of Nebraska. Asking prices on the balance of showlists are around $122 in the South and $192 plus in the North. Hog buyers have started work this morning with bids ranging from steady to $1.25 higher (mostly $1 higher. Corn futures are fractionally lower despite several announcements of new sales. The stock market is lower at this time with the Dow off 22 points and the Nasdaq down by 3.

LIVE CATTLE:

The live market is bouncing higher after a tough first half of the trading week. For the moment, credit no more than short covering and profit taking. Open interest on Wednesday is not yet available, DTN projected slaughter for today is 113,000 head.

FEEDER CATTLE:

Feeders are moderately higher through the opening hour, supported by short covering and technical buying linked to oversold readings. Thed tall premium of the cash index may also be helpful.

Open interest on Wednesday is not yet available. CME cash feeder Index for 01/31: 129.72, off .57.

LEAN HOGS:

Spot Feb has popped over 70 this morning, running hard to keep pace with positive cash news. The rest of the complex is moderately lower, probably a function of bull spreading and light commercial selling. Open interest on Wednesday is not yet available.

DTN projected slaughter for today is 440,000 head.

John A. Harrington can be reached at john.harrington@dtn.com

(SK)

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