Lack of volume and market direction is seen Friday morning with initial early support in hog trade holding as traders offset previous market adjustments, but as more volume moves into the complex is become more clear that traders are content with current positions and willing to hold a steady pattern into the weekend. Corn futures are lower in light trade. September corn futures are 3 1/2 cents lower. Stock markets are higher in light trade. Dow Jones is 24 points higher with NASDAQ up 80 points.
LIVE CATTLE:
Sluggish moves have developed in live cattle trade with mixed price shifts keeping prices within a single-digit market shift through most of the morning. The stability is expected to build additional market support early next week following the ability for prices to hold at the top end of the short-term range. Cash cattle bids are finally starting to become more active with live bids at $109 to $111, mostly $109 in the South and dressed bids of $180 to $183 per cwt. Asking prices remain firm at $113 to $114 live and $186 to $187 dressed basis. It may be late afternoon before active trade is seen. Boxed Beef cut-outs at midday are lower, $0.33 lower (select) and down $0.16 per cwt (choice) with light movement of 56 total loads reported (31 loads of choice cuts, 13 loads of select cuts, no loads of trimmings, 4 loads of ground beef).
FEEDER CATTLE:
Mixed trade is seen Friday morning as prices bounce higher and lower through the first few hours of trade with limited direction developing across the complex. Nearby fall contracts are showing some limited support based on pressure in corn trade, but the overall lack of support across the entire cattle markets and generally stable fundamentals is leaving most traders unwilling to take an aggressive position. This is keeping prices within a moderate range from 32 cents lower to 55 cents higher. This range is expected to hold through the end of the session.
LEAN HOGS:
Moderate gains are holding late Friday morning as traders have pushed prices higher through the morning following the market correction that developed Thursday. Although prices have eroded from session highs, the focus on increased buyer support is keeping nearby trade 50 to 70 cents per cwt higher in most contracts, allowing for continued market strength to develop across the entire complex. This may add additional early-week support to the entire complex once traders return from the weekend break. Cash prices are unreported on the National Direct morning cash hog report. Pork cutouts added $1.27 per cwt at $85.15 per cwt with 109 loads traded. Lean hog index for 7/23 is $75.58, up 1.29, with a projected two-day index is $77.23, up 1.65.
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