Livestock markets have returned to mixed price moves through the end of the Friday trading session as traders are squaring positions before leaving for the long holiday weekend. Overall trade participation remains light with markets remaining closed Monday due to the Labor Day holiday. This is likely to also limit early trade Tuesday as some traders may remain sluggish to return to the market. Corn prices are lower in light trade. September corn futures are 3 cents higher. Stock markets are higher in light trade. The Dow Jones is 81 points higher while Nasdaq is up 12 points.
LIVE CATTLE:
Moderate to strong buyer support seen through most of the morning has been quickly eroded at midday with prices now stuck in a narrowly mixed trading range as trade volume has slowed to a crawl. This lack of support in the market is limited to buyer interest moving out of the market before the holiday weekend, but other concerns about just how much additional beef product will be cleared over the next couple weeks. Cash cattle markets appear to be done for the week even though overall trade volumes remain lighter than thought to be needed for next week totals. There are no bids or asking prices seen through the morning as both sides appear to be willing to wait until the middle of next week. Beef cut-outs at midday are lower, $0.31 lower (select) and down $0.34 per cwt (choice) with light movement of 86 total loads reported (47 loads of choice cuts, 10 loads of select cuts, 19 loads of trimmings, 10 loads of ground beef).
FEEDER CATTLE:
Support early in the session has quickly given way to light to moderate pressure as traders are now focusing on the lack of support and follow through buying activity in the complex. This has pushed nearby feeder cattle futures to 10 to 30 cents per cwt lower as traders are within a narrow trading range and quickly squaring positions in front of the holiday weekend and extended break. Markets will remain closed until Tuesday morning, at which time light trade is expected to focus on holiday market clearance of beef activity as well as overall outside market direction through the weekend.
LEAN HOGS:
Mixed trade is seen as overall markets remain directionless at the end of the week. Firm gains are seen in nearby contracts on the first trading session of September, although extremely light trade volume is seen through the morning, leaving traders undirected at this point and coasting into the long holiday weekend and the end of the session. Cash prices are higher on the National Direct morning cash hog report. The weighted average price added $0.34 at $62.09 per cwt with the range from $60.89 to $64.00 on 10,335 head reported sold. Cash prices are higher on the Iowa/Minnesota Direct morning cash hog report. The weighted average price added $1.47 at $62.81 per cwt with the range from $62.00 to $64.00 on 4,789 head reported sold. The National Pork Plant Report reported 139 loads selling with prices added $0.86 per cwt. Lean hog index for 8/30 is at $73.52 down $1.07 with a projected two-day index of $72.39, down $1.13.
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