Livestock futures remain mixed to mostly higher midday Monday with Feeder cattle futures holding $1 per gains in nearby futures. The ability to bring light to moderate commercial buyer support back into the complex following narrowly mixed trade during the first couple hours of trade. This could limit movement through the end of the session. Corn prices are higher in light trade. July corn futures are 1 cent higher. Stock markets are higher in light trade. The Dow Jones is 14 points higher while Nasdaq is up 10 points.
LIVE CATTLE:
Mixed trade continues to be seen through the live cattle futures with August contracts holding a 35 cent loss as firm buyer interest has stepped back into the complex, holding a 30 to 60 cent gain. There is likely to draw be some additional market shifts through the end of the session as firm beef values helping to solidify longer term stability through the entire market. There continues to be more focus on end of the year market needs and domestic and export beef demands. Cash cattle activity remains undeveloped with bids and asking prices generally undeveloped as show lists remain generally stable with last week's levels. Given the higher prices last week, it is likely that asking prices will start out higher, but it may be the middle of the week before bids or asking prices are set in stone. Beef cut-outs at midday are higher, $1.12 higher (select) and up $0.57 per cwt (choice) with light movement of 69 total loads reported (51 loads of choice cuts, 21 loads of select cuts, 1 load of trimmings, 11 loads of ground beef).
FEEDER CATTLE:
Strong buyer support has moved into feeder cattle futures at midday following lackluster interest through the first couple hours of trade. Nearby feeder cattle contracts are holding $1 to $1.10 per cwt gains although trade volume remains sluggish through the midday. There may be some additional buyer interest seen late Monday based on movement in outside markets and potential shifts in live cattle markets through the last couple hours of trade.
LEAN HOGS:
Lean hog futures remain mixed to mostly higher with July futures holding light pressure as contracts expire at noon with prices as markets are trading near $92.50 per cwt. August through April contracts are holding moderate gains with August futures leading the market higher with a 72 cent gain. The lack of recent support in cash markets has limited buyer activity into futures contracts as short covering following last week's market losses is the main focus of the complex. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.78 at $85.61 per cwt with the range from $84.79 to $87.50 on 5,220 head reported sold. Cash prices are unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. Lean hog index for 7/13 is at $92.78 down $0.06 with a projected two-day index of $92.50, down $0.28.
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