Livestock futures are mixed in a narrow trading range. Sluggish market activity is keeping most traders out of the market following active trade seen earlier in the week and most traders waiting until next week to make any additional corrections. Corn prices are higher in light trade. December corn futures are 3 cents higher. Stock markets are higher in light trade. The Dow Jones is 42 points higher while Nasdaq is up 21 point.
LIVE CATTLE:
Live cattle futures remain mixed in a narrow range at midday. The lack of direction at the end of the week is helping to bring some stability back into the complex following the strong pullback in price levels Thursday. October futures have posted a 27 cent gain while the remainder of nearby contracts are holding extremely sluggish narrow losses, although the market remains at a standstill at the end of the week. Cash cattle trade appears to be done for the week following moderate trade Thursday afternoon. There are additional bids redeveloping at the same price levels seen previously at $111 live basis and $175 dressed basis. These prices are $2 higher than last week. Overall cattle sales numbers were larger than expected with over 18,000 sold in Kansas, 32,000 sold in Nebraska, Iowa, posting 22,500, Colorado over 1,500 and Texas selling nearly 8,500 head for the week (rounded totals). Beef cut-outs at midday are higher, $1.40 higher (select) and up $1.41 per cwt (choice) with active movement of 95 total loads reported (52 loads of choice cuts, 8 loads of select cuts, 7 loads of trimmings, 28 loads of ground beef).
FEEDER CATTLE:
Light to moderate buyer activity has moved into the feeder cattle complex following early pressure. Traders have kept prices narrow as October futures are leading the market higher with futures gaining a 40 cent gain. The move is narrowing the October and November trading range significantly at the end of the week, which may continue to draw buyer support back into the complex. Light support may continue to develop in all nearby contracts.
LEAN HOGS:
Sluggish market activity is seen through midday with very little movement developing following the early morning activity. Pressure is holding in October and December futures with light weakness seem as traders are trying to back out of these nearby contracts ahead of the weekend. But the rest of the complex remains firm as traders continue to focus on market support and fundamental market strength through the rest of the month. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.74 at $55.77 per cwt with the range from $52.00 to $58.00 on 2,323 head reported sold. Cash prices lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price fell $1.09 at $56.32 per cwt with the range from $52.00 to $58.00 on 850 head reported sold. The National Pork Plant Report reported 135 loads selling with prices adding $0.19 per cwt. Lean hog index for 10/10 is at $58.32 up $1.21 with a projected two-day index of $59.12, up 0.80.
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