Sharp losses have quickly flooded into cattle trade with live cattle markets following feeder cattle markets lower through the morning. This may add even more weakness through the entire complex through the rest of the week. Corn markets are higher in light trade. December corn futures are 1 cent higher. Stock markets are mixed in light trade. The Dow Jones is 100 points higher while Nasdaq is down 79 points.
LIVE CATTLE:
Triple-digit pressure has quickly swept through live cattle trade early Monday morning with front month December contracts holding losses of $1.80 per cwt. This has pushed front month futures to $115 per cwt, breaking through October lows as short-term support has been breached. The sharp losses in feeder cattle trade and lackluster moves through beef values has offset any supportive news seen after last week's cash cattle gains. Strong losses are expected to hold through the end of the session. Cash cattle markets are undeveloped with bids and asking prices still unavailable early in the week. Boxed Beef cut-outs at midday are higher, $0.30 higher (select) and up $0.15 per cwt (choice) with light movement of 55 total loads reported (27 loads of choice cuts, 7 loads of select cuts, 9 loads of trimmings, 12 loads of ground beef).
FEEDER CATTLE:
Losses in feeder cattle trade have quickly swept through the complex. This is adding uncertainty to the market with front-month November contracts trading at $150 per cwt while all other contracts through the first half of 2019 trading below $150 per cwt. Underlying pressure in the feeder cattle trade has quickly sparked increased weakness to the entire live cattle complex through the Monday session.
LEAN HOGS:
Firm pressure has moved through lean hog futures trade Monday morning following early mixed trade activity. The strong gains in pork values continues to add some underlying strength to the market, which is keeping most contracts in a light to moderate loss. This could help to bring some stability to the market due to sharp triple digit losses in all cattle trade early in the week. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is $0.64 lower at $56.94 per cwt with the range from $52.00 to $57.75 on 3,529 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is $1.38 lower at $56.64 per cwt with the range from $55.00 to $57.75 on 484 head reported sold. The National Pork Plant Report posted 113 loads selling on the morning report. Pork carcass values added $2.58 per cwt at $77.65 per cwt. Lean hog index for 11/1 is at $64.12 up 0.05 with a projected two-day index of 64.08, down 0.04.
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