Light activity is seen through the livestock complex with narrowly mixed cattle trade focusing on overall sluggish trader interest. Firm gains are holding in hog trade, although the light volume may limit the authenticity of these moves later in the week. Corn markets are higher in light to moderate trade. December corn futures are 1 cent higher. Stock markets are lower in light trade. The Dow Jones is 427 points lower while Nasdaq is down 158 points.
LIVE CATTLE:
Live cattle futures are holding mixed price moves in a narrow range as very limited activity has developed across the complex. Many traders are remaining out of the market due to the holiday, and likely to become more aggressive early Tuesday as trade activity is expected to be back to full strength. Prices are hovering from 22 cents lower to 10 cents higher with most contracts holding single-digit price moves at midday. General market inactivity is expected to allow markets to trickle into closing bell with no significant market direction. Cash cattle market interest remains at a standstill with show list distribution and inventory taking seen during the day Monday. It is expected that bids will not be available until midweek or later which is likely to push trade off until Thursday or Friday once again. Boxed Beef cut-outs at midday are higher, $1.38 higher (select) and up $0.46 per cwt (choice) with light movement of 51 total loads reported (26 loads of choice cuts, 14 loads of select cuts, 5 loads of trimmings, 7 loads of ground beef).
FEEDER CATTLE:
Limited trade volume has allowed prices to bounce higher and lower in a moderate trading range through most of the morning. Prices are contained from 40 cents lower to 25 cent gains, although at midday, most contracts are holding narrow gains. Very little longer-term direction has been seen through the morning, and that is expected to continue through most of the session due to the observance of Veterans Day. This may allow for additional sluggish market shifts through the remainder of the session.
LEAN HOGS:
Strong gains have quickly swept through the lean hog futures complex with triple-digit gains seen in January through August contracts months. The recent market pressure over the last couple of weeks has left the market soft, allowing the limited trade volume to take advantage of short covering activity during the Monday session. Little has changed in the overall direction of the market with traders focusing on additional activity developing later in the week. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is $0.32 lower at $53.08 per cwt with the range from $47.00 to $54.75 on 512 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 223 loads selling on the morning report. Pork carcass values added $2.00 per cwt at $72.27 per cwt. Lean hog index for 11/9 is unavailable at this time, with a projected two-day index of 63.38, down 0.34.
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