Livestock futures have turned mostly lower late Wednesday morning as grain market support sparked active pressure in feeder cattle. Early support in live cattle and lean hog trade has eroded through the morning. Corn futures are higher in active trade. September corn futures are 12 cents higher. Stock markets are higher in light trade. Dow Jones is 143 points higher with NASDAQ up 45 points.
LIVE CATTLE:
Light to moderate gains are holding despite limited trade Wednesday morning. With markets closing early, and remaining closed Thursday in observance of Independence Day, the focus on growing fundamental support is helping to bring additional buying interest to the complex. Cash cattle trade is starting to develop through the morning with light to moderate trade in Kansas and Texas seen at $109 per cwt. This is fully steady with last week, and may set the tone for trade through the end of the week. A few bids are slowly developing in the North at $179 to $180 dressed, but still below asking prices of $182 per cwt. The desire to finish trade by the end of the day remains, but it is uncertain if all areas will trade cattle Wednesday. Boxed Beef cut-outs at midday are lower, $0.41 lower (select) and down $1.11 per cwt (choice) with active movement of 103 total loads reported (61 loads of choice cuts, 18 loads of select cuts, 8 loads of trimmings, 16 loads of ground beef).
FEEDER CATTLE:
Sharp triple-digit losses have flooded through feeder cattle futures as traders turned the focus back to increased corn prices ahead of the holiday vacation. Limited volume in all livestock trade is expected to add to the market volatility through the morning.
LEAN HOGS:
Firm pressure developed Wednesday morning as traders slowly but steadily backed away from initial buyer support. This is sparking increased underlying concern that the recent gains seen over the last week could falter as next week when traders become more active. With markets closed Thursday, limited volume and trade direction is expected through the end of the week. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is down $1.47 at $66.40 per cwt with the range from $58 to $67.75 on 3,931 head reported sold. Cash prices are unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. Pork values eroded following continued pressure in rib cuts. Pork cutouts fell $0.72 per cwt at $72.49 per cwt with 226 loads traded.
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