Strong buyer support has started to develop at midday as buyers are stepping back into the market after remaining incredibly absent for most of the morning. The lack of interest Friday morning has kept traders on the sidelines in sluggish trade, but a flurry of activity may be seen in the last hour of trade Friday. Corn prices are lower in light trade. May corn futures are 4 cents lower. Stock markets are mixed in light trade. The Dow Jones is 27 points lower while Nasdaq is up 2 points.
LIVE CATTLE:
Live cattle futures have developed late-day buyer activity on the last trading session of April with April futures posting a $2.50 per cwt rally trading at $138.10 per cwt. This has sparked additional support into other nearby contracts following what had previously been lackluster interest in the rest of the complex. June futures are trading $1.30 per cwt higher with traders nearing $123 per cwt in light to moderate support. Sharp fundamental and technical support at the end of the month is expected to springboard trade activity into renewed buyer activity early next week with a fresh month on the books, as traders move back into the market. Cash cattle trade appears to be done for the week following active trade which developed Thursday afternoon. Cattle still left on show lists are priced at $220 and higher dressed basis and $140 live basis. Beef cut-outs at midday are higher, $1.24 higher (select) and up $1.85 per cwt (choice) with moderate movement of 71 total loads reported (24 loads of choice cuts, 16 loads of select cuts, 5 loads of trimmings, 26 loads of ground beef).
FEEDER CATTLE:
Firm buyer support is quickly moving into feeder cattle futures at midday. Although the support is contained within a narrow range, the overall support is growing through the last couple of hours Friday. August contracts continue to lead the market higher with a $1.60 per cwt rally with the focus on strong cash market support in the cattle market as well as underlying fundamental and technical support developing through the entire complex through the waning hours of April trade.
LEAN HOGS:
Firm buyer support has quickly stepped back into the lean hog futures complex midday with June through August contracts regaining buyer support and holding gains of 90 cents to $1 per cwt as follow through trade interest has moved back into the market. The ability to hold current support and push prices above $73 per cwt in monthly charts is expected to create additional firm support as traders move into the month of May. Deferred contracts remain mixed in a narrow trading range, although the lack of direction seems focused on the overall lack of volume in deferred contracts more than any other factor. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.44 at $55.02 per cwt with the range from $51.00 to $56.00 on 5,126 head reported sold. Cash prices are lower on the Iowa Minnesota Direct morning cash hog report. The weighted average price fell $0.61 at $55.36 per cwt with the range from $51.00 to $56.00 on 1,980 head reported sold. The National Pork Plant Report reported 154 loads selling with prices added $0.02 per cwt. Lean hog index for 4/25 is at $59.93 down $0.23 with a projected two-day index of $59.71 down $0.22.
No comments:
Post a Comment