Firm support is seen in cattle futures with moderate buyer activity seen through the morning. This is helping to set additional contract highs across the complex, although the momentum seems to have slowed from earlier week activity levels. Corn prices are higher in light trade. December corn futures are 2 cents per bushel higher. Stock markets are mixed in light trade. The Dow Jones is 34 points higher while Nasdaq is down 23 points.
LIVE CATTLE:
Light to moderate buyer activity is able to step back into the market early in the month, although gains have been hard to find additional support Prices are holding 20 to 70 cent gains with increased support pushing to new contract highs once again, although traders remain generally sluggish through midday. Cash cattle activity remains generally sluggish with a few bids developing in Nebraska at $183 to $184 per cwt. Active trade is still likely to be pushed off until sometime Thursday or Friday. The Fed Cattle Exchange Auction report today listed a total of 1,515 head, with 274 actually sold, 913 head listed as unsold, and 328 head listed as PO (Passed Offer). The state by state breakdown looks like this: KS 1,081 total head, with 0 head sold, 913 head unsold, 168 head listed as PO ($119.50); NE no cattle reported; TX 434 total head, with 274 head sold at $120.00, 0 head unsold, and 160 head listed as PO ($120.25); CO no cattle reported; IA no cattle reported; other states no cattle reported. The delivery date/weighted averages breakdown is as listed: 1-9 day delivery: 1,515 head total, 274 head sold, with a weighted average price of $120.00. Beef cut-outs at midday are higher, $0.67 higher (select) and up $0.59 per cwt (choice) with light movement of 74 total loads reported (50 loads of choice cuts, 16 loads of select cuts, 0 loads of trimmings, 8 loads of ground beef).
FEEDER CATTLE:
Traders are backing away from initial strong gains seen early in the session, although traders have been able to find some stability at midday. Nearby futures are holding 70 to 80 cent gains in all but November futures as traders are looking for increased buyer interest through the next several trading sessions.
LEAN HOGS:
Light pressure continues to hold in nearby lean hog futures trade following the sharp rally at the end of October. But firm support is developing through the rest of the complex as overall volume remains light during November 1st trade. This may spark additional buyer support as traders are looking more for long term buyer activity through the rest of the year. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.31 at $63.97 per cwt with the range from $57.50 to $64.75 on 5,418 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 194 loads selling with cutout values increasing $0.10 per cwt. Lean hog index for 10/31 is at $69.08 down $0.01 with a projected two-day index of $69.30, up $0.22.
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