Strong gains have quickly developed Monday morning with increased buyer activity moving into all markets. This could help to spark increased price support as traders could bring additional underlying support to the market. Corn prices are lower in light trade. December corn futures are 2 cents per bushel lower. Stock markets are mixed in light trade. The Dow Jones is 33 points higher while Nasdaq is down 7 points.
LIVE CATTLE:
Triple-digit gains are seen in the live cattle complex. This may bring additional underlying support to the entire market. With December contracts testing $120 per cwt price levels, the underlying support in the market early in the week continues to drive buyers to the complex. Cash cattle markets are undeveloped with bids and offers unavailable at this point. There continues to be some additional uncertainty given the upcoming end of year and Christmas holidays. Trade may not develop until the last half of the week. Beef cut-outs at midday are mixed, $0.78 higher (select) and down $0.77 per cwt (choice) with light movement of 24 total loads reported (12 loads of choice cuts, 7 loads of select cuts, no loads of trimmings, 5 loads of ground beef).
FEEDER CATTLE:
Strong buyer support is moving into feeder cattle futures following the sluggish activity late last week. But the main focus continues to be placed on the gains in the live cattle complex. This may spark additional underlying buyer activity from both commercial and investment buyers through the end of the month.
LEAN HOGS:
Firm gains have quickly developed through the lean hog futures complex. This will likely limit any additional direction through the complex, although there will be some additional movement that could develop over the near future. With December contracts holding gains over $1 per cwt, buyers are stepping into most contract months given the overall support. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.79 at $56.30 per cwt with the range from $50.00 to $56.67 on 3,272 head reported sold. Cash prices are unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. The National Pork Plant Report posted 59 loads selling with carcass values gaining $0.48 per cwt. Lean hog index for 11/22 is at $63.66 down $0.32 with a projected two-day index of $63.08, down $0.58.
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