Thursday Midday Livestock Market Summary - Widespread Price Pressure Develops

LIVE CATTLE:

Mixed prices are seen through the complex with October futures holding light to moderate gains while firm pressure has held through the rest of the complex. Triple-digit losses in feeder cattle futures has sparked midday pressure in most live cattle trade with most contracts holding 50 cent to $1 per cwt losses. Cash cattle prices have improved through the morning with live bids seen at $109 per cwt, while bids are seen in the North at $174 to $175 per cwt. Boxed Beef cut-outs at midday are higher, $1.60 higher (select) and up $1.40 per cwt (choice) with moderate movement of 80 total loads reported (43 loads of choice cuts, 11 loads of select cuts, 13 loads of trimmings, 14 loads of ground beef).

FEEDER CATTLE:

Triple-digit losses have quickly moved through the feeder cattle at midday following mixed trade early in the session. Most contracts are $1 to $1.50 per cwt lower as very little long term market moves seen in the complex. November contracts are holding $1.45 per cwt losses as overall weakness has swept through the complex following a failed attempt to rebuild market stability early in the week.

LEAN HOGS:

Mixed trade is seen through the morning Thursday in lean hog futures as prices are seen from 55 cent per cwt lower to 47 cents per cwt higher. Nearby gains have focused on follow through buyer support following limit gains Wednesday. Deferred futures are under light to moderate pressure as traders are more focused on position taking, than any fundamental or technical moves seen in the complex. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is $0.54 lower at $57.15 per cwt with the range from $54.00 to $58.00 on 3,485 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 147 loads selling on the morning report. Pork carcass values added $0.26 per cwt at $77.80 per cwt. Lean hog index for 10/23 is at $65.46 down 0.49 with a projected two-day index of 65.03, down 0.43.

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