Livestock futures have posted limited gains midday Tuesday as the focus on light buying activity has kept prices firm. Live cattle futures are trading 10 to 40 cents per cwt higher in nearby contracts as traders adjust to the renewed support in beef values Tuesday. Hog trade has posted firm morning support, although this is still not changing the overall trend of the complex at this point. Corn markets are lower in light trade. March corn futures are 2 3/4 cents lower. Stock markets are mixed in light trade. Dow Jones is 92 points higher with Nasdaq down 44 points.
LIVE CATTLE:
Narrow gains have held in live cattle trade Tuesday morning as traders have slowly backed away from initial early gains. April live cattle futures are trading 27 cents per cwt higher, moving to $127.65 per cwt with the focus on renewed gains in beef values and the potential for increased buyer support over the next couple of days. Weather concerns continue to support buyer activity with the recent snowstorms and expected extreme cold weather conditions significantly reducing gains, and affecting overall performance. Cash cattle markets are undeveloped at this point with bids and asking prices still undeveloped. Trade is likely to be delayed until the second half of the week. Boxed Beef cut-outs at midday are higher, $1.32 higher (select) and up $1.61 per cwt (choice) with light movement of 67 total loads reported (40 loads of choice cuts, 12 loads of select cuts, 7 loads of trimmings, 8 loads of ground beef).
FEEDER CATTLE:
Limited support has developed through the entire feeder cattle complex. There is increased market support still holding across the entire cattle market, although limited pressure is seen in spot month January futures, light gains are still holding in other nearby contracts. The lack of buyer interest in the complex has allowed prices to back away from session highs, although there is still underlying support seen through the entire cattle complex, the focus on strong follow-through buying is being curbed by trader inactivity and light volume Tuesday.
LEAN HOGS:
Firm gains have moved into lean hog futures trade with February futures the lone contract trading lower Tuesday morning with all other contracts moving higher through the morning. The most aggressive support has developed in April and May contracts with traders focusing more on adjusting positions following the long market slide, rather than expected long-term support. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is down $0.15 at $51.20 per cwt, with the range from $47.25 to $51.75 on 3,928 head reported sold. Cash prices unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. Pork carcass values are lower on the morning report with prices falling $0.02 per cwt at $68.48 per cwt with 209 loads traded. Lean hog index for 1/25 is $58.22, down 0.28, with a projected two-day index is $57.89, down 0.33.
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