Narrow trading ranges have been seen through the entire livestock complex with cattle markets showing the most consistency as prices have hovered in very narrow ranges through the entire session. Limited interest is expected to be seen over the next couple of hours as markets are likely to remain mixed in narrow to moderate ranges. Corn markets are higher in light trade. December corn futures are 1 cent higher. Stock markets are lower in light trade. The Dow Jones is 77 points lower while Nasdaq is down 22 points.
LIVE CATTLE:
Very limited market movement has been seen through the complex Tuesday morning with prices hovering in a narrow range steady to 20 cents lower. The overall lack of movement in the market over the last couple of days is allowing traders to focus on the potential for fundamental support to move back into the market through the last half of the week. Beef values have been inconsistent, leaving traders unwilling or unable to gain enough momentum to break out of the current narrow trading range over the last couple of days. There is still some underlying support seen in the market based on firm demand for beef through the end of the year. But this is unable to spark any additional commercial buyer activity or interest additional noncommercial traders at this point to move into the complex. Cash cattle activity remains quiet with bids and asking prices still unavailable at this point. It is likely that additional cash market activity will not develop until the second half of the week, although packers may show increased interest through the next couple of days. Boxed Beef cut-outs at midday are mixed, $1.48 higher (select) and down $0.66 per cwt (choice) with light movement of 67 total loads reported (32 loads of choice cuts, 8 loads of select cuts, 6 loads of trimmings, 21 loads of ground beef).
FEEDER CATTLE:
Lack of market direction has swept over the cattle complex through the early part of the week. Feeder cattle futures are mixed in a narrow range with traders unwilling to step aggressively into the live cattle or feeder cattle market at this point. The focus seems to be placed on outside markets, which are also showing very limited interest over the last couple of sessions. Although nearby feeder cattle futures are holding near the top end of short term trading ranges due to the lower cattle placements in October, prices still remain stuck in a long-term sideways trend, and may be unable to break out of this range over the near future.
LEAN HOGS:
Very limited activity has developed Tuesday morning as traders have showed increased market stability at midday following strong additional losses seen early in the session. Triple-digit pressure quickly developed in the opening hours of trade Tuesday as follow-through liquidation moved into the market following Monday losses. But renewed support in front-month December contracts helped to erode market weakness as nearby contracts are holding losses of 20 to 50 cents per cwt. This may add some additional firmness to the market through the near future. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is $0.23 lower at $49.98 per cwt with the range from $47.00 to $51.41 on 6,012 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is $0.21 lower at $48.99 per cwt with the range from $47.00 to $49.50 on 3,292 head reported sold. The National Pork Plant Report posted 253 loads selling on the morning report. Pork carcass values fell $1.63 per cwt at $66.59 per cwt. Lean hog index for 11/23 is $57.44, down 0.40, with a projected two-day index of $57.17, down 0.27.
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