GENERAL
COMMENTS: From Friday to Friday livestock futures posted the following
changes: Feb LC, up $3.05; April LC, up $2.37, Jan FC, up $1.22; Mar FC,
up $2.08; Feb LH, up $0.70; Apr LH, up $0.60. Firm early gains in
cattle futures eroded through the end of the session with increased
trade volume, leaving markets unsettled. Hog futures posted strong
losses Friday, but remain firmly higher for the week. Corn futures are
higher in light activity. March futures were 2 cents higher. Dow Jones
Index is 57 points lower with Nasdaq down 20 points.
CASH MARKETS: Cash cattle trade has started to
develop with light to moderate trade seen in most areas. Live cattle
trade in the South is seen at $122 per cwt, which is generally $1 per
cwt higher. Dressed trade in the North is seen at $197, $2 per cwt
higher from last week. Asking prices on cattle still on show lists late
Friday afternoon remain firm at $125 to $126 live and $200 and higher
dressed. According to the closing report, the national hog base is $0.20
lower with a weighted average of $50.88 per cwt. Full range of $47.00
to $53.00 per cwt.
LIVE CATTLE: Traders pulled back from contract
highs seen Friday as prices hovered in a narrow to moderate range at the
closing bell ($0.17 lower to $0.45 higher). Limited support was seen
late in the day Friday with prices pulling back from contract highs seen
earlier in the day in front month February futures. Markets closed
mostly higher with nearby prices seen 10 to 40 cents per cwt in most
contracts as traders focus on building market support through the end of
the month. Beef cut-outs: $1.50 lower (select, $206.27) and down $1.50
(choice, $212.46) with moderate demand and offerings, 107 loads (77
loads of choice cuts, 23 loads of select cuts, nine loads of trimmings,
16 loads of coarse grinds).
MONDAY'S CASH CATTLE CALL: Steady. Cash activity
Monday is expected to be at a standstill with show list distribution
and inventory taking the extent of activity.
FEEDER CATTLE: Mixed prices developed as buyers
eroded in late day trade (0.62 lower to $0.12 higher). Firm gains in
live cattle futures through most of the session helped bring additional
buyers back to the complex. This created additional uncertainty through
the entire cattle market as early gains slowly eroded in the last hour
of trade. January futures fell 62 cents per cwt, with limited interest
seen through the market. The majority of selling pressure was seen in
nearby contracts as spot month January contracts leading the complex
lower with a 62-cent loss. CME cash feeder index for 1/10 is $145.46
down $0.09.
LEAN HOGS: Firm pressure swept through nearby
contracts, as traders backed away from weekly gains ($0.35 to $1.50
lower). Sharp losses moved through lean hog markets with increased trade
seen in nearby contracts as most contracts through the summer months
posted triple-digit losses. February futures posted a $1.42 per cwt
loss, creating additional concern that pressure may develop early next
week. The recent market support seen over the last few days is still
creating a firming tone, with prices still closing nearly $1 per higher
for the week even with triple-digit losses on Friday. Pork continues to
shift higher despite mixed price levels in primal cuts. Pork cutout
values gained $0.50 per cwt, moving to $70.96 per cwt. CME cash lean
index for 1/09 $55.99 up $0.89. DTN Projected lean index for 1/10 $56.69
up $0.70.
MONDAY'S CASH HOG CALL: Steady to $1.00 higher.
Late week pressure seen in live cattle futures and the inability to
carry strong cash market support through the end of the week will limit
cash bids early Monday. Most bids are expected to remain steady early
next week. Monday plant runs are expected at 468,000 head.
 |
| #completecalfcare |
No comments:
Post a Comment