Livestock futures are mixed in narrow trading ranges at midday following limited volume through the entire morning. The focus of futures and cash markets has been centered around the extremely cold weather conditions in most of the Midwest, affecting both cattle and hog operations and transportation of animals to processors. Corn markets are higher in light trade. March corn futures are 2 cents higher. Stock markets are higher in light trade. Dow Jones is 337 points higher with Nasdaq up 93 points
LIVE CATTLE:
Mixed prices are seen through the entire complex with traders focusing on limited market activity and very little outside market direction. The cold weather continues to be the main focus as it will impact beef production and overall movement of cattle to market. But even this has only limited interest midmorning Wednesday as prices are hovering from 10 cents lower to 20 cents higher. There is growing support in April contracts, but with limited activity, prices are expected to move very little through the end of the month. Cash cattle inquiry has slowly started Wednesday morning with a few token bids developing in Nebraska at $195 per cwt. There is expected to be increased packer interest through the rest of the day, although trade is not likely until late in the week. Asking prices are seen at $125 and higher live and $200 to $203 dressed. Boxed Beef cut-outs at midday are higher, $1.16 higher (select) and up $0.26 per cwt (choice) with moderate movement of 92 total loads reported (45 loads of choice cuts, 16 loads of select cuts, 13 loads of trimmings, 18 loads of ground beef).
FEEDER CATTLE:
Light pressure is once again developing in feeder cattle trade following limited support trying to develop through the morning. Light gains seem to be holding in live cattle trade, but the weather concerns and impact of extremely cold weather in much of the Midwest is being muted due to the limited trade activity and concerns on how beef demand will be impacted through the complex. Nearby contracts are holding losses of 2 to 25 cents per cwt midmorning.
LEAN HOGS:Firm gains seen early Wednesday across lean hog trade has started to slowly erode with prices in nearby contracts hovering from 45 cents lower to 20 cents higher. The late morning pullback in April through July futures seems to be backing away from the weather related support seen early in the session. The inability to hold gains at closing bell will once again spark increased additional pressure through the entire complex. This may add even more uncertainty through the entire complex and shift prices even lower at month end. Cash prices are unavailable at this time on the National Direct morning cash hog report. Cash prices are unavailable at this time on the Iowa/Minnesota Direct morning cash hog report. Pork carcass values are lower on the morning report with prices falling $1.37 per cwt at $67.30 per cwt with 186 loads traded. Lean hog index for 1/28 is $57.89, down 0.33, with a projected two-day index is unavailable at this time.
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