Mixed market activity is seen in most markets with very limited direction seen during the Columbus Day holiday. Even though markets remain open, trader participation remains extremely sluggish. Markets are expected to coast into closing bell with limited market direction expected. Corn markets are lower in light trade. December corn futures are 2 cents lower. Stock markets are lower in light trade. The Dow Jones is 124 points lower while Nasdaq is down 105 points.
LIVE CATTLE:
Live cattle futures are mixed in a narrow range midday Monday. Prices in most contracts are contained from 15 cents lower to 12 cents higher, as traders seem generally uninterested in moving back into the market during the holiday session. Even though markets remain open, does not mean that trader participation is strong on days like today, where overall market shifts are driven by a handful of traders still in the market. Limited direction is seen in most commodity markets, allowing markets to move sideways through the rest of the session. Cash market activity remains at a standstill early in the week with show list distribution and inventory taking the main order of business. Significant activity is not expected until midweek or later. Boxed Beef cut-outs at midday are mixed, $0.16 higher (select) and down $0.19 per cwt (choice) with light movement of 56 total loads reported (25 loads of choice cuts, 12 loads of select cuts, 11 loads of trimmings, 8 loads of ground beef).
FEEDER CATTLE:
Light price pressure is holding in feeder cattle markets with prices backing away from early session lows. Overall market volume and activity levels remain subdued due to the federal holiday limiting some traders who would normally be in the market. Nearby contracts are 37 to 50 cents per cwt lower, which is expected to hold through the end of the session.
LEAN HOGS:
Limited market direction is seen Monday morning with very little volume developing across the commodity complex during the holiday session. Front-month October futures continue to hold firm with 52 cent gains, while all other contracts are mixed in a narrow range from 27 cents lower to 15 cents higher. There is likely to be some additional market shifts through the rest of the week as more activity steps back into the complex. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is $0.36 lower at $62.97 per cwt with the range from $58.00 to $64.25 on 4,701 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is $1.53 lower at $62.12 per cwt with the range from $60.00 to $64.25 on 1,418 head reported sold. The National Pork Plant Report posted 126 loads selling on the morning report. Pork carcass values fell $0.14 per cwt at $79.42 per cwt. Lean hog index for 10/4 is at $69.31 up 0.16 with a projected two-day index of 69.36, up 0.05.
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