Limited direction is seen in livestock futures with cattle and hog futures pulling back from morning highs, although the overall tone of the market remains firm. Narrow gains are seen in nearby live cattle and lean hog futures at midday. December live cattle contracts are the exception Friday morning as the soon to expire contract is still holding solid gains due to limited activity. Corn markets are higher in light trade. March corn futures are 1 3/4 cent higher. Stock markets are higher in light trade. Dow Jones is 17 points higher with Nasdaq up 8 points.
LIVE CATTLE:
Firm gains have continued to hold in front-month December contracts. But prices have backed away from session high, in all nearby contract months. The ability to close at contract highs in nearby contract months is limiting any additional pressure in the market at this point. There may be some additional late-day market shifts developing across live cattle trade, but limited volume should keep prices higher in the last couple hours of trade. Cash cattle bids have developed at $117 live basis in all areas, although this still a world away from elevated asking prices. Dressed bids have yet to be seen, but could quickly develop through early afternoon. Asking prices remain at $123 and higher live and $195 to $198 dressed. Trade is expected through the afternoon, but at this point, it is uncertain how much trade will be seen through the end of the week. Boxed Beef cut-outs at midday are mixed, $0.08 lower (select) and up $0.13 per cwt (choice) with light movement of 53 total loads reported (25 loads of choice cuts, 7 loads of select cuts, 7 loads of trimmings, 15 loads of ground beef).
FEEDER CATTLE:
Support in live cattle futures is carrying the feeder cattle market during the lightly traded Friday session. Nearby contracts are hovering from 10 cents lower to 12 cents higher. Early-market support that swept through the complex based on spillover support after Thursday's gains is being limited by overall lackluster market direction and traders squaring positions ahead of the weekend.
LEAN HOGS:
Hog futures have traded mostly higher through most of the morning, although gains have remained limited. Trade pressure is seen at midday as gains have eroded due to overall lack of market direction and trade interest through the complex. Prices are hovering from 22 cents lower to 30 cents higher. Trade through the rest of the session Friday and likely limited trade Monday could allow markets to slowly fade into January with limited market direction. Cash prices are higher on the National Direct morning cash hog report. The weighted average price is $0.20 higher at $45.11 per cwt with the range from $43.00 to $45.41 on 3,457 head reported sold. Cash prices are unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. Pork carcass values are higher on the morning report with prices gaining $0.94 per cwt at $71.38 per cwt with 213 loads traded. Lean hog index for 12/26 is $53.12, down 0.20, with a projected two-day index is $53.11, down 0.01.
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