Triple-digit gains have moved into nearby livestock trade as feeder cattle futures have led the complex higher through the morning with gains above $2 per cwt. Traders are stepping back into the complex during early September as pressure seen last week and through the end of August has sparked some underlying market support in all trade. Corn markets are higher in light trade activity. September corn futures are 1 cent higher. Stock markets are lower in light trade. The Dow Jones is 110 points lower while Nasdaq is down 50 points.
LIVE CATTLE:
Strong triple-digit gains have held through live cattle futures with prices $1 to $1.540 per cwt higher at midday. The aggressive move higher in feeder cattle trade has quickly offset any early morning pressure and sparked additional early September buying activity. Little to no change has been seen in across the entire cattle complex. Cash cattle trade still remains undeveloped as both sides move into Friday afternoon with the desire to get business done as quickly as possible before the holiday weekend. Bids have firmed slightly through the morning with current bids at $107 live and $168 to $170 dressed in most areas. It is likely that trade will become more active through the afternoon, with the expectation that trade will finish quickly once it starts to develop. Boxed Beef cut-outs at midday are higher, $0.86 higher (select) and up $0.98 per cwt (choice) with light movement of 78 total loads reported (35 loads of choice cuts, 26 loads of select cuts, 3 loads of trimmings, 14 loads of ground beef).
FEEDER CATTLE:
Feeder cattle futures have surged higher with triple gains leading the entire cattle market Tuesday morning. September through November contracts have posted gains of $2 per cwt or greater with aggressive interest moving into all livestock markets. The potential to bring additional interest back to the complex during early September is fueling market support in most contracts.
LEAN HOGS:
Moderate to firm gains have developed through the lean hog complex with traders looking for increased buyer activity through the complex. This may add some additional buyer activity during the rest of the complex as traders are focusing on December contracts which is leading the complex higher at $1.70 per cwt. There is increased focus on additional gains seen in the rest of the livestock complex. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is $0.35 lower at $36.64 per cwt with the range from $34.00 to $37.50 on 5,463 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 182 loads selling on the morning report. Pork carcass values rallied $2.53 per cwt at $69.74 per cwt. Lean hog index for 8/30 is at $45.63 down 0.22 with a projected two-day index of $45.44, down 0.19.
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