After posting light gains for most of the morning, buyer support is limited in cattle trade, allowing prices to shift lower in live cattle and feeder cattle markets. Hog futures are mixed to mostly higher with firm support still seen nearby contracts. Corn markets are higher in light trade. March corn futures are 2 cents higher. Stock markets are lower in light trade. Dow Jones is 417 points lower with Nasdaq down 98 points.
LIVE CATTLE:
Firm losses have developed midmorning Friday with prices steady to 52 cents per cwt lower in limited trade. The focus on moderate pressure quickly developing in the feeder cattle trade as the morning continues has sparked additional underlying support through the entire market. Cash cattle are starting to improve with bids in all areas midday Friday. Live bids are seen from $115 to $119 per cwt live with $118 to $119 seen in the South. Dressed bids are developing at $185 to $187 with $187 seen through most of Nebraska. At this point there still remains a moderate gap between asking prices and bids, but deals may start to develop within the next few hours. Asking prices remain at $120 to $122 live and $192 and higher dressed. Boxed Beef cut-outs at midday are higher, $3.24 higher (select) and up $0.25 per cwt (choice) with light movement of 45 total loads reported (30 loads of choice cuts, 7 loads of select cuts, no loads of trimmings, 9 loads of ground beef).
FEEDER CATTLE:
Despite trade firming through most of the morning, there continues to be some late-morning pressure developing in front month futures. A portion of the latest market softness is focusing on the firming corn market gains seen through the complex. Front-month futures are holding a 45 cent loss at midday, while other contracts are mixed in moderate range from 50 cents lower to 50 cents higher.
LEAN HOGS:
Mixed trade is seen in lean hog futures as moderate to strong buyer support continues to hold in nearby trade as soon to be spot month February futures are trading $1.05 per cwt higher. Other spring and summer contracts are mixed in a narrow range from 20 cents lower to 20 cents higher as limited overall direction continues to be seen through the entire market. The pullback from early support in the cattle complex is eroding deferred market support in the lean hog complex, as traders may continue to focus on overall limited market activity through the end of the session. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is $0.27 lower at $46.33 per cwt with the range from $42.00 to $47.21 on 8,607 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is $0.33 lower at $46.05 per cwt with the range from $42.00 to $47.00 on 5,272 head reported sold. Pork carcass values added $0.32 per cwt at $73.76 per cwt on 136 loads. Lean hog index for 12/11 is $55.54, down 0.44, with a projected two-day index is $55.36, down 0.18.
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