DTN Ag Host Midday Livestock

Feeder cattle futures continued to move aggressively higher during Wednesday morning trade with prices $3 to $4 per cwt higher. The underlying support seen through the entire beef market and concerns overall cattle numbers will continue to be reduced rather than rebound due to drought conditions and recent fires could keep buyers bullish over an extended period. Live cattle contracts have shifted higher, but limited early month buyer interest seems to be keeping prices within current market ranges as traders seem to be unwilling to break above new contract highs, at least for now. Lean hog futures have bounced back from Tuesday’s market pressure with mixed to mostly higher prices seen during morning trade. May corn is down 6 at $4.518 and May soybean meal is down $0.10 at $316.3. The Dow Jones Industrial Average is up 370.53 at 46,712.04.