A few dressed bids at $183-185 have surfaced this morning in parts on Nebraska and Iowa (some $116 live as well). But that's about it in terms of early week cash definition. While we assume asking prices will be around $120-121 in the South and $190-192 in the North, nothing concrete has really been confirmed at this point. According to the midday report, the national hog base is $2.87 lower compared with the Prior Day settlement ($73.00-77.50, weighted average $77.16). The corn trade is several cents lower in lackluster action. Prices here are expected to churn until after the World Board dumps new data on Thursday. After a softer opening, the stock market has firmed at midday with the Dow up 39 points (setting yet another new record) and the Nasdaq better by 34.
LIVE CATTLE: Live prices near midday range from 12 higher to 62 lower. Bears may have commanding the drivers seat on Monday, but there appear to be much more confusion afoot today. Nearbys are holding up better than deferreds, benefiting no doubt by the recent strength of feedlot business. Beef cut-outs are higher at midday, up 0.24 (select, $197.24) to 0.64 (choice, $203.36) with light box movement (50 loads of choice cuts, 18 loads of select cuts, zero loads of trimmings, 11 loads of coarse grinds).
FEEDER CATTLE:
Feeders are narrowly mixed as we move into the last hour of trading. Prices cautiously range from 10 higher to 27 lower.
Most contracts are now treading close to 100 points above early session lows.
LEAN HOGS:
Lean hog contracts are also mixed near the top of the noon hour with prices ranging from 45 points higher to 72 lower. The front end of the complex is generally outperforming the far deferreds.
Carcass value at midday is quoted moderate lower, primarily checked by a drop of $9.10 in the composite belly price (i.e., offsetting decent gains in loin, picnic, and rib cuts. Pork cut-out: $96.81, off 0.75.
CME cash lean index for 08/04: 86.10, off 0.59 (DTN Projected lean index for 08/07: 85.76, off 0.34.
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