Moderate to strong pressure has continued to develop across the livestock complex in early hours of trade Friday. Prices are now mixed with light buyer support trying to develop in the complex. This is helping to bring additional stability into all markets. Corn prices are lower in light trade. May corn futures are 4 cents higher. Stock markets are lower in light trade. The Dow Jones is 211 points lower while Nasdaq is down 91 points.
LIVE CATTLE:
Mixed trade is seen Friday with front month April futures drawing some moderate buyer support, while the rest of the complex is holding narrow losses. April contracts have rebounded from strong early pressure with an 80 cent gain developing across the market. This is helping to bring some support to the entire market, although contracts still remain slightly lower. It is possible that additional buyer support may develop over the next couple of hours. This could spark some additional interest into all cattle trade. Cash cattle trade has developed Friday morning in the North with live deals seen at $122 to $124 per cwt. This is generally $4 per cwt higher than last week's price levels and falls in line with gains seen in the South earlier in the week. Dressed business is still yet to develop in the North but bids are becoming more active from $190 to $192 per cwt. It is likely that active trade will be seen through the next few hours. Boxed Beef cut-outs at midday are higher, $1.33 higher (select) and up $0.21 per cwt (choice) with active movement of 95 total loads reported (39 loads of choice cuts, 40 loads of select cuts, 7 loads of trimmings, 9 loads of ground beef).
FEEDER CATTLE:
Light to moderate losses continue to be seen in feeder cattle futures Friday morning. But prices have quickly backed away from sharp triple-digit losses seen initially in morning trade. This may allow for some renewed buyer support to step back into the market during the end of the session as traders continue to find some stability before the weekend. April futures are holding a 17 cent loss, limiting additional downward market moves that could continue to develop across the complex.
LEAN HOGS:
Lean hog futures have posted light to moderate moves through the morning with front month May contracts holding a 45 cent gain. The rest of the complex remains sluggish with losses holding through the market. Most trade is 20 to 50 cents per cwt lower as underlying pressure is seen in summer and fall contract months based on overall market uncertainty and demand concerns. There is likely to be very little additional market shifts seen before the end of the session, allowing for traders to reassess market direction early next week. Cash prices are higher on the National Direct morning cash hog report. The weighted average price is up $0.36 at $57.87 per cwt with the range from $50.00 to $61.50 on 3,480 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is down $0.41 at $58.19 per cwt with the range from $50.00 to $61.50 on 1,805 head reported sold. The National Pork Plant Report posted 205 loads selling with carcass values falling $0.03 per cwt. Lean hog index for 4/18 is at $55.97 up 0.92 with a projected two-day index of $56.80, up 0.83.
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