Livestock futures are mixed in limited trade Monday morning. Initial pressure has held lean hog futures lower, although prices have quickly bounced back from early session lows. Cattle markets are mixed with firm gains in feeder cattle futures trying to influence live cattle trade. Corn markets are lower in light trade. September corn futures are 2 cents higher. Stock markets are higher in light trade. The Dow Jones is 11 points lower, while Nasdaq is down 65 points.
LIVE CATTLE:
Early trade Monday is mixed as traders seem hesitant to step back into the market. October futures have posted a 15-cent loss, moving to $113.65 per cwt. Nearby futures are mixed from 15 cents lower to 12 cents higher, as traders are unwilling to make any major market shifts Monday morning. Cash cattle markets remain quiet following limited trade last week. Packers will be going into the week very short bought, but this may not be enough to spark trade activity until midweek or later. Boxed Beef cut-outs at midday are higher, $0.71 higher (select) and up $1.94 per cwt (choice) with light movement of 41 total loads reported (23 loads of choice cuts, 13 loads of select cuts, no loads of trimmings, five loads of ground beef).
FEEDER CATTLE:
Limited buyer support has slowly but steadily moved back into the complex. The strong gains that pushed prices to triple-digit gains and near contract highs has offset any early morning market adjustments with overall buyer support moving back into the complex. The recent support in live cattle trade, combined with overall pressure in the grain trade, has added even more movement through the entire complex. There may be some additional longer-term market shifts developing through the next couple of months, but traders continue to focus closely on live cattle market shifts and the direction of corn markets.
LEAN HOGS:
Lean hog futures have continued to erode through Monday morning with sharp early losses quickly sparking widespread liquidation through nearby contracts. December futures let the complex lower, falling over $2.60 per cwt I the first hour of trade. Despite the building pressure, selling interest slowed significantly, which curbed losses to $1 to $1.30 per cwt in nearby contracts at midday. This may add some additional movement through the end of the session. Cash prices are higher on the National Direct morning cash hog report. The weighted average price is $1.57 higher at $50.36 per cwt with the range from $43.00 to $54.00 on 6,150 head reported sold. Cash prices are higher on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is $3.10 higher at $52.03 per cwt with the range from $43.00 to $54.00 on 2,648 head reported sold. The National Pork Plant Report posted 90 loads selling on the morning report. Pork carcass values added $0.70 per cwt at $75.23 per cwt. Lean hog index for 9/13 is at $51.85 up $1.77 with a projected two-day index of $53.48, up $1.63.
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