Strong gains in cattle futures are offsetting the pressure in lean hog trade Tuesday morning. Little long-term direction is seen through the complex as traders look for increased market direction later in the week. Corn markets are higher in light trade. March corn futures are 1 1/4 cent higher. Stock markets are higher in light trade. Dow Jones is 284 points higher with Nasdaq up 84 points.
LIVE CATTLE:
Strong underlying support is seen through nearby live cattle trade. This is posting triple-digit gains in all nearby contracts. With December markets holding a $1 per cwt. This has helped to bring additional support through the complex. Cash cattle markets remain quiet with bids and offers still undeveloped. Active trade is not expected to be seen until the end of the week. Boxed Beef cut-outs at midday are higher, $1.40 higher (select) and up $1.06 per cwt (choice) with light movement of 48 total loads reported (24 loads of choice cuts, 8 loads of select cuts, 6 loads of trimmings, 9 loads of ground beef).
FEEDER CATTLE:
Sharp gains have quickly developed in feeder cattle trade. The sharp losses seen Monday have quickly allowed short covering to develop early in the session. This has led to additional market interest, which quickly turned, into triple-digit gains. Traders are looking for increased market stability with January futures holding a $1.20 per gain, trading at $146.57 at midday.
LEAN HOGS:
Strong losses have continued to develop through all nearby contracts with February futures holding $1.25 per cwt loss. There continues to be some additional underlying pressure in all contracts. Cash prices are higher on the National Direct morning cash hog report. The weighted average price is $0.54 higher at $46.76 per cwt with the range from $41.00 to $47.16 on 4,022 head reported sold. Cash prices are unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. Pork carcass values added $2.35 per cwt at $74.31 per cwt on 174 loads. Lean hog index for 12/14 is $55.13, down 0.04, with a projected two-day index is $55.07, down 0.06.
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