Narrow markets are seen through the complex with traders are looking for very light trade to develop across the entire livestock market through the rest of the Monday session. Columbus Day activity has limited trader interest in most markets, and will also keep markets sluggish in livestock markets. Corn prices are lower in light trade. December corn futures are 3/4 cent lower. Stock markets are lower in light trade. The Dow Jones is 10 points lower while Nasdaq is down 1 point.
LIVE CATTLE:
Live cattle futures are holding mixed trade in a narrow range at midday. October live cattle futures have posted a 30-cent gain moving above the $111 per cwt based on firm cash market support seen through the end of last week. The inability for traders to develop in most markets due to the Columbus holiday is limiting trade to narrowly mixed activity in most markets. This could keep prices sluggish through the rest of the complex. Beef cut-outs at midday are mixed, $0.28 lower (select) and up $0.52 per cwt (choice) with light movement of 46 total loads reported (25 loads of choice cuts, 12 loads of select cuts, no loads of trimmings, 9 loads of ground beef).
FEEDER CATTLE:
Moderate to firm pressure has developed across all feeder cattle futures despite very limited selling activity across the live cattle market. This overall weakness in the feeder cattle futures may be limited to trader activity through the rest of the complex with initial pressure seen of 40 to 50 cents per cwt during the morning. But if volume remains sluggish, buyers may slowly step into the complex through the end of the session, and help to stabilize the market. This may not bring any additional market support to the complex at this point, but could limit some concerns of further pressure.
LEAN HOGS:
Light trade continues to be seen through the lean hog futures complex with front month October contracts holding a 2-cent loss while the rest of nearby contracts holding a steady to 20 cent gain. Overall lackluster interest following on Columbus Day continues to be limiting the amount of traders stepping into the complex. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.10 at $52.13 per cwt with the range from $50.80 to $54.00 on 4,135 head reported sold. Cash prices unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. The National Pork Plant Report reported 115 loads selling with prices adding $0.46 per cwt. Lean hog index for 10/4 is at $55.33 up $0.36 with a projected two-day index of $55.77, up 0.44.
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