Livestock markets are mixed at the end of the week with strong triple-digit gains in hog trade moving most of the focus away from additional pressure in cattle trade. Corn markets are lower in light trade. December corn futures are 1/2 cent lower. Stock markets are lower in light trade. The Dow Jones is 249 points lower while Nasdaq is down 126 points.
LIVE CATTLE:
Firm pressure is seen in most live cattle futures late Friday. This is holding October contracts unchanged at midday, although most other contracts have quickly backed away from early gains. December live cattle futures are leading the complex lower with a 52 cent loss as the stability which developed Thursday had little impact in sparking additional long term buyer support through the complex. Cash cattle trade remains quiet through the morning although bids are evident at $111 live and $175 per cwt dressed basis. It is expected that some trade will be seen in most areas through the end of the day, although late day activity may be seen. Asking prices remain firm at $113 to $114 live and $178 dressed. Boxed Beef cut-outs at midday are lower, $0.01 lower (select) and down $0.19 per cwt (choice) with light movement of 69 total loads reported (42 loads of choice cuts, 12 loads of select cuts, 7 loads of trimmings, 8 loads of ground beef).
FEEDER CATTLE:
Early support in cattle futures was hard to maintain as buyer interest slowly faded with prices in feeder cattle mixed to mostly lower at midday. October contracts are holding a 40 cent gain, while the rest of the complex remains 20 to 47 cents per cwt lower as traders quickly back away from the market at the end of the week.
LEAN HOGS:
Buyer support has quickly swept through lean hog futures Friday morning with triple-digit gains seen in all nearby contracts. December futures have led the complex higher with a $2.62 per cwt rally, moving to $57.92 per cwt. Even though front-month October futures remain lightly traded, prices continue to march higher with a $1.22 per cwt to $68.72 per cwt. This is the highest price point in October futures since early March 2018, further moving away from summer lows set in August. Cash prices are higher on the National Direct morning cash hog report. The weighted average price is $0.50 higher at $63.73 per cwt with the range from $59.50 to $65.00 on 4,501 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 159 loads selling on the morning report. Pork carcass values fell $0.66 per cwt at $79.25 per cwt. Lean hog index for 10/3 is at $69.15 up 0.31 with a projected two-day index of 69.31, up 0.16.
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