Live cattle trade is limited to narrow losses, while mixed movement in hog trade is focusing on adjusting positions following recent gains. Corn futures are higher in light trade. September corn futures are 1/4 cent lower. Stock markets are mixed in light trade. Dow Jones is 131 points lower with NASDAQ up 32 points.
LIVE CATTLE:
Narrow single-digit losses are holding in live cattle trade as traders focus on recent market support and look for additional long term direction through the entire complex. Even though prices have slipped lower, the underlying firmness in the complex which developed over the last week is helping to solidify a bullish move during late July. This may spark some additional underlying support across the entire complex in the coming days and weeks, but traders will not move away from the direction of cash and wholesale beef values, which could limit market support. Cash cattle is still untraded although bids are becoming more available and consistent with live bids at $109 per cwt. Cattle are priced at $113 live and $186 and higher dressed. It is uncertain if business will develop Wednesday, and most trade is likely to be pushed off until later in the week. Boxed Beef cut-outs at midday are lower, $0.19 lower (select) and down $0.08 per cwt (choice) with light movement of 92 total loads reported (37 loads of choice cuts, 20 loads of select cuts, 12 loads of trimmings, 22 loads of ground beef).
FEEDER CATTLE:
Moderate gains have slowly but steadily developed during morning trade as buyers start to work away from the light pressure seen over the last couple of days. August futures are leading the complex higher with a 40-cent gain as stability in grain trade and long-term underlying support in beef markets is helping to solidify additional gains. At this point, the market still remains near the top end of a sideways trend, with no strong indication that active support will move prices outside of this range over the near future.
LEAN HOGS:
Narrow trading ranges have developed through the morning as initial pressure swept through nearby contracts as traders backed away from previous gains. As volume increased, the bullish tone of the market continued, sparking firm buying interest through the entire complex. This may spark some additional underlying gains through the rest of the session. Cash prices are unchanged on the National Direct morning cash hog report. The weighted average price is steady at $78.92 per cwt with the range from $67 to $83 on 6,621 head reported sold. Pork values firmed following triple-digit gains in several primal cuts. Pork cutouts added $1.45 per cwt at $82.05 per cwt with 175 loads traded. Lean hog index for 7/22 is $74.29, up 1.03, with a projected two-day index is $75.58, up 1.29.
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