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DTN Closing Livestock Comment 04/18 15:59
   Hog Markets Lead Complex Higher

   Triple-digit gains quickly developed in hog trade Wednesday as May futures
posted an impressive $1.95-per-cwt rally. This overall support continues to
draw buyers to the table, which may further support livestock trade the rest of
the week.

By Rick Kment
DTN Analyst



   GENERAL COMMENTS

   Cash cattle activity remains generally undeveloped with a few scattered bids
redeveloping midweek. Bids are seen at $116 per cwt live basis in Kansas, while
dressed bids have surfaced at $190 per cwt in Nebraska. At this point, both
sides appear to remain well rooted in their plan to hold onto price points.
This is likely to push active trade toward the end of the week. Asking prices
are still somewhat hard to pinpoint, but overall asking prices are likely to be
around $122 and higher live basis and $192 and higher dressed. The Fed Cattle
Exchange Auction on Wednesday listed a total of 3,220 head, with 499 actually
sold, 2,721 head listed as unsold, and zero head listed as PO (passed offer).
The state-by-state breakdown looks like this: KS 171 total head, with 0 head
sold, 171 head unsold, 0 head listed as PO; NE 3,049 total head, with 499 head
sold at $120.00-$122.00, 2,550 head unsold, and 0 head listed as PO; TX - no
cattle reported; CO - no cattle reported; IA - no cattle reported; other states
(OK, SD, MN) - no cattle reported. The delivery date/weighted averages
breakdown is as listed: 1-9 day delivery: 2,882 head total, 161 head sold, with
a weighted average price of $122.00; 1-17 day delivery: 338 head total, 338
head sold, with a weighted average price of $120.00; 10-17 day: no cattle
reported; 17-30 day delivery: no cattle reported. According to the closing
report, the national hog base is $1.92 higher compared with the Prior Day
settlement ($46-$57.50, weighted average $54.19). The corn futures are higher
in light activity. May futures were 2 cents higher Wednesday. The Dow Jones
Index is 7 points lower with the Nasdaq up 28 points.
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