Livestock futures are mixed in sluggish late-week trade with light to moderate trade volume seen through the entire complex. Gains are seen in most lean hog futures with very limited activity through the rest of the complex as narrow pressure is seen in live cattle trade. Most of the activity is focused on position squaring at the end of the week. Corn prices are mixed in light trade. May corn futures are 1/4 cent higher. Stock markets are higher in light trade. The Dow Jones is 268 points higher while Nasdaq is up 102 points.
LIVE CATTLE:
Early support seen in live cattle trade has slowly eroded, although the limited volume in the market and overall lackluster direction Friday seems to be focused more on position taking following strong gains, than anything else seen across the complex. There is likely to be some minor market adjustments seen over the next couple hours or trade, although prices may focus on increased activity next week and could hold current market trends until Monday or later. Cash cattle interest remains sluggish Friday morning with a few bids redeveloping around price levels seen Thursday. But this is still well below asking prices or $128 to $130 live and $200 and higher dressed basis. The light to moderate trade that was seen Thursday with most of the activity developing in the South. It is likely that price ranges have been set, but uncertain just how active packers will be through the end of the week. Boxed Beef cut-outs at midday are higher, $0.36 higher (select) and up $0.39 per cwt (choice) with light movement of 75 total loads reported (49 loads of choice cuts, 14 loads of select cuts, no loads of trimmings, 12 loads of ground beef).
FEEDER CATTLE:
Narrow losses are seen in feeder cattle trade due to extremely light market activity through the end of the week. The wild market shifts seen over the last couple of weeks is causing some traders to take a deep breath Friday, and allowing limited volume to develop across the entire complex. May futures is holding a 20 cent loss, which compared to the $2.17 gain Thursday is viewed as market stability.
LEAN HOGS:
Firm gains have moved through the lean hog futures although prices are unable to fully erode the early morning pressure. Prices are listed from 25 cents per cwt lower to 60 cents higher with overall lack of support seen in lightly traded May contracts, while June futures are holding a 50 cent gain based on commercial buying moving back into the complex. Cash prices are higher on the National Direct morning cash hog report. The weighted average price is up $0.06 at $59.01 per cwt with the range from $52.00 to $59.75 on 1,641 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 205 loads selling with carcass values adding $1.47 per cwt. Lean hog index for 5/2 is at $62.93 up 0.27 with a projected two-day index of $63.13, up 0.20.
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