Narrow trading ranges are holding in livestock trade live cattle futures under limited pressure. This is keeping markets sluggish through as traders move back into the market following the Christmas break. Narrow gains are holding in nearby lean hog trade with limited activity seen through the entire complex. Corn markets are lower in light trade. March corn futures are 4 1/2 cent lower. Stock markets are higher in light trade. Dow Jones is 527 points higher with Nasdaq up 212 points.
LIVE CATTLE:
Spot month December contracts are holding moderate gains in very limited activity. While the rest of the complex remains steady to lower. Sluggish trade activity has been seen through the morning Wednesday with prices bouncing higher and lower in a light to moderate range. This limited direction is expected to continue through the end of the year with many traders likely opting to wait until early 2019 to move back into the complex. Cash cattle markets are undeveloped with bids and asking prices still unavailable. It is expected to be late in the week when cattle market trade develops given the holiday break and overall lack of intensity through the entire market. Boxed Beef cut-outs at midday are higher, $0.04 higher (select) and up $0.78 per cwt (choice) with active movement of 102 total loads reported (51 loads of choice cuts, 16 loads of select cuts, 23 loads of trimmings, 13 loads of ground beef).
FEEDER CATTLE:
Extremely light trade is seen as traders stepped back into the market Wednesday. The focus on increased market direction is focusing on overall lack of support from outside markets and general apathy from most traders at the end of the year. Nearby contracts are holding gains of 10 to 15 cents per cwt in most contracts, while deferred futures are steady to slightly lower based on movement in outside markets.
LEAN HOGS:
Narrow trading ranges are seen through most contracts with traders holding nearby prices 10 to 20 cents per cwt higher. There is expected to be some additional underlying buying seen through the next couple of days as traders try to focus on firmness in pork values. Limited volume is expected to be seen the rest of the week as most traders have squared positions for the end of the year. Cash prices are unreported due to confidentiality on the National Direct morning cash hog report Cash prices are unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. Pork carcass values gained $0.30 per cwt at $71.62 per cwt on 272 loads. Lean hog index for 12/20 is $53.87, down 0.78, with a projected two-day index is $53.32, down 0.55.
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