Strong gains have quickly developed at midday in live cattle futures. This is helping to bring additional buyer support back into the feeder cattle complex. Traders may continue to move back into the market, although it is uncertain just how much long-term support will develop through the complex. Corn prices are lower in light trade. December corn futures are 2 cents per bushel lower. Stock markets are higher in light trade. The Dow Jones is 19 points higher while Nasdaq is up 5 points.
Live Cattle:
Strong gains have flooded into nearby live cattle futures at midday with December contracts helping to spark increased buyer support through the entire complex. This has moved buyer interest back into the market with early losses being offset by increased volume moving into the complex. Cash cattle activity remains quiet with bids and offers still undeveloped. The light to moderate trade seen late last week could delay additional market activity until midweek or later. Beef cut-outs at midday are unavailable at this time.
Feeder Cattle:
Strong gains have stepped back into the feeder cattle complex following strong initial losses seen Monday morning. Despite the renewed buyer movement back into the complex, there continues to be increased buyer support in nearby contracts, which is helping to draw buyer support into deferred contracts. Light support in live cattle futures is helping to spark additional support back into the feeder cattle complex.
Lean Hogs:
Light buyer support has slowly but systematically stepped into the market Monday following light pressure which developed across the complex. Contracts are hovering between 25 cents lower to 10 cents higher at midday as volume remains extremely sluggish. There is some additional trade activity expected to develop through the end of the session, although it continues to leave market volume sluggish. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.50 at $58.92 per cwt with the range from $57.00 to $60.00 on 5,813 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price fell $1.04 at $58.62 per cwt with the range from $58.00 to $59.50 on 3,058 head reported sold. The National Pork Plant Report is unavailable at this point. Lean hog index for 11/8 is at $67.47 down $0.41 with a projected two-day index of $67.47, up $0.47.
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