Limited trade is seen through the entire
livestock market Monday during the holiday shortened trading schedules
Monday. Cattle futures have trickled higher, led by steady gains in live
cattle. Lean hog futures have eroded through the morning as outside
market softness is adding to increased market pressure in nearby
contracts. Corn markets are lower in light trade. March corn futures are
1 1/4 cent lower. Stock markets are lower in light trade. Dow Jones is
496 points lower with Nasdaq down 88 points.
LIVE CATTLE:
Very light buyer support is expected to be hold
through the last hour of trade due to markets closing early Monday. With
very light activity developing through the first couple hours of trade,
prices have moved from narrow losses to narrow gains. The overall lack
of activity is the main reason for directionless trade. Nearby contracts
are holding gains from 10 to 20 cents higher with limited interest
likely to be seen through rest of the day. Markets will remain closed
until Wednesday morning, although trade volume through the rest of the
week is likely to remain limited. Cash cattle interest is essentially
non-existent Monday due to packer schedules remaining very light due to
the holidays. Some of the initial show lists are expected to be delayed
until Wednesday with active trade likely to be pushed off until Thursday
or Friday. Boxed Beef cut-outs at midday are mixed, $1.02 higher
(select) and down $0.64 per cwt (choice) with light movement of 69 total
loads reported (40 loads of choice cuts, 11 loads of select cuts, 8
loads of trimmings, 10 loads of ground beef).
FEEDER CATTLE:
Trade Monday in feeder cattle futures is mixed
in a very narrow range due to very limited activity ahead of the
Christmas holiday. Nearby contracts are trading 2 to 10 cents per cwt
lower while deferred futures are steady to 27 cents per cwt higher. This
overall lack of support in the market is more based on holiday
schedules than anything else early in the week. Even though more
activity is likely later in the week, volume is still expected to be
subdued until after the first of the year.
LEAN HOGS:
Moderate price pressure is seen through the
entire complex with prices 55 to 70 cents per cwt lower at midday
Monday. Trade volume remains extremely sluggish with many traders
already exiting the market for the Christmas holiday. Markets will close
at 12 Monday and will remain closed until Wednesday morning. This may
add some additional underlying pressure through the rest of the morning
with prices likely to hover in the current price ranges as the market
limps toward closing bell. Cash prices are unavailable at this point.
Pork carcass values are unavailable at this time. Lean hog index for
12/19 is $53.87, down 0.78, with a projected two-day index is $53.87,
down 0.35.
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