Mixed trade has been seen in all livestock markets Thursday morning. The lack of direction which developed across the market is keeping traders looking for increased market support and potential break out market moves through the end of the week.
Livestock futures are mixed in a narrow trading range at midday as early market shifts have moderated significantly with traders looking for a combination of fundamental and technical support to redevelop through the end of the trading day.
Corn prices are lower light trade. March corn futures are 4 cents lower. Stock markets are higher in light trade. The Dow Jones is 119 points higher while Nasdaq is up 33 points.
Narrow losses are holding in nearby live cattle futures at midday. Live cattle futures have bounced higher and lower through the morning, but price moves have been extremely limited due to lack of overall longer-term direction in the complex. There may be some additional pressure seen through the end of the session, although there is a lot of emphasis being placed on the direction and volume of cash cattle activity through the end of the week.
Cash cattle markets remain undeveloped with just a few bids trickling into the market through the morning. Northern bids are seen at $170 per cwt dressed basis, but additional interest is expected to develop as the day goes along. Asking prices remain at $113 to $114 per cwt in the South and $176 to $178 in the North.
Beef cut-outs at midday are higher, $1.71 higher (select) and up $1.80 per cwt (choice) with light movement of 64 total loads reported (32 loads of choice cuts, 14 loads of select cuts, 3 loads of trimmings, 15 loads of ground beef).
Mixed trade is developing in feeder cattle futures midday Thursday as there is still no direction in cash markets and outside market pressure is helping to bring some narrow support to nearby contracts.
Feeder cattle futures are holding price shifts from 5 cents lower to 20 cents higher in most contract months, as traders look for additional direction through the complex and may help to spark some late-day activity. The limited moves and confined trading ranges in live cattle markets has left buyers generally sluggish.
Lean hog futures are mixed in a narrow trading range through the morning Thursday with prices hovering between 10-cent losses and 30-cent gains. The inability to draw cash support into the market through the week is limiting overall buyer support. But at the same time, there is very little push to back away from recent market support seen during early December.
Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $1.08 at $52.36 per cwt with the range from $45.50 to $54.00 on 3,861 head reported sold.
Cash prices are lower on the Iowa Minnesota Direct morning cash hog report. The weighted average price fell $2.06 at $51.57 per cwt with the range from $45.50 to $53.00 on 201 head reported sold.
The National Pork Plant Report reported 123 loads selling with prices adding $0.78 per cwt. Lean hog index for 12/13 is at $57.03 up $0.92 with a projected two-day index of $57.59 up $0.56.