Light trade is seen through the entire complex with prices focusing on firm nearby lean hog market losses. Hog traders are adjusting positions following the $10-per-cwt rally seen over the last week. This is adding limited interest to the cattle market, as prices remain mixed midday. Corn futures are lower in light trade. May corn futures are 1 1/2 cents lower. Stock markets are lower in light trade. Dow Jones is 126 points lower with Nasdaq down 10 points.
LIVE CATTLE:
Initial early-morning pressure Monday has opened the door for additional buyer support to move into the complex. April futures are holding moderately 55-cent losses due to traders rolling positions to June and August contract months. The rest of the complex is steady to moderately higher as the focus has moved to building beef demand and the potential to spark additional underlying support through the entire complex. Narrow trading ranges are expected to be seen through the rest of the session Monday, allowing prices to hover in a narrow trading range, waiting for more long-term direction to develop later in the week. Cash cattle activity remains subdued following last week's light to moderate trade, which ended steady to $2 per cwt lower. Bids and asking prices are unavailable and likely not to be actively seen until midweek. Show list distribution and inventory taking are priorities through the morning in all areas. Boxed Beef cut-outs at midday are higher, $0.30 higher (select) and up $2.20 per cwt (choice) with light movement of 63 total loads reported (34 loads of choice cuts, 10 loads of select cuts, 5 loads of trimmings, 14 loads of ground beef).
FEEDER CATTLE:
Limited direction is seen through feeder cattle trade with traders backing away from pressure seen Friday as markets are mixed in a narrow range. Prices have wandered higher and lower through the entire morning with limited direction or trade interest moving into the market. Feeder cattle traders continue to closely focus on the mixed direction in live cattle trade as well as shifts in outside market direction, which may add increased overall uncertainty through the entire complex. The sharp rally seen in the middle of last week has continued to spark underlying support as traders are focusing on upcoming spring and summer demand.
LEAN HOGS:
Firm pressure has continued to develop through the morning Monday with May through July futures holding triple digit losses from $ to $1.50 per cwt lower. The focus through the complex has turned to position taking in lean hog trade, which has surged over $10 per cwt in nearby contracts last week. The unchecked upward momentum in the market was bound to cause a moderate market correction, although at this point, it is expected that losses will be limited due to long-term bullish market direction still relevant. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $1.11 at $74.67 per cwt with the range from $67.00 to $77.00, on 4,447 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price fell $1.78 at $74.88 per cwt with the range from $67.00 to $77.00, on 824 head reported sold. Pork values surged higher in morning buying following last week's futures support. Pork cutouts added $2.02 per cwt at $83.86 per cwt with 80 loads traded. Lean hog index for 4/4 is $78.53 up 0.27, with a projected two-day index is $78.68 up $0.15.
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