Cattle trade has bounced higher from early morning losses as the intial softness has moved through the complex. There is growing uncertainty concerning the ability for buyers to continue to step into the market before the end of the week. Corn markets are lower in light trade. March corn futures are 3 3/4 cents lower. Stock markets are mixed in light trade. Dow Jones is 27 points lower with Nasdaq up 26 points.
LIVE CATTLE:
Live cattle futures are mixed midday with firm gains returning to April and June contract months following the initial market pressure. This continues to help spark renewed trade activity although very limited short- or long-term direction is expected due to prices remaining range-bound through the second half of the week. Cash cattle markets are quiet with expected active trade to be pushed off until Friday. Bids are slowly redeveloping through the morning with offered prices steady to weak with midweek levels. Live bids in Texas remain at $122 per cwt, while dressed bids are seen at $198 to $199. Asking prices have yet to be adjusted as feeders remain firmly holding to price levels. Cattle are priced at $126 to $127 per cwt, while dressed prices are listed at $203 to $205 per cwt. Boxed Beef cut-outs at midday are lower, $0.66 lower (select) and down $0.05 per cwt (choice) with light movement of 62 total loads reported (30 loads of choice cuts, 10 loads of select cuts, 9 loads of trimmings, 12 loads of ground beef).
FEEDER CATTLE:
Light to moderate support is moving into feeder cattle trade following sharp market losses. This renewed buyer activity is focusing on the continued pressure in grain trade and outside markets as trade volume has slowed and buyers are trickling back into the complex. Gains are expected to remain extremely sluggish through most of the session.
LEAN HOGS:
Light pressure is holding in lean hog trade midday Thursday, but prices have aggressively moved back from early triple-digit losses. The potential to defend recent lows is becoming more focused as traders still appear to be keeping the weak market fundamentals in view, but are less focused on continued long term pressure. With the current market status, there is likely to be very limited support for extended long-term pressure despite little news of developing trade demand. A higher close in nearby contracts could redevelop underlying support through the end of the week. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is down $0.12 at $48.13 per cwt with the range from $45.00 to $48.78 on 4,478 head reported sold. Cash prices unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. Pork carcass values trickled higher on the morning report with prices adding $0.09 per cwt at $63.97 per cwt with 160 loads traded. Lean hog index for 2/12 is $55.55, down $0.36, with a projected two-day index is $55.24, down $0.31.
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