Thursday Midday Livestock Market Summary - Contracts Try to Defend Gains Heading into Afternoon

 General Comments

The livestock contracts are trying to trade higher and for the most part the contracts are making a good run at the day. Once again, the market's underlying support continues to move the market higher even with few traders participating in the market. The cash cattle market has been mostly uneventful though there's been some light trade in the North at $110. March corn is up 2 1/2 cents per bushel and March soybean meal is down $2.70. The Dow Jones Industrial Average is up 21.94 points and NASDAQ is up 16.70 points.

** USDA will not be releasing any reports Thursday or Friday, and the futures market will close early Thursday and not be open at all Friday. DTN will share market commentary for Thursday's trade, but will take Friday off to celebrate the Christmas Holiday!

LIVE CATTLE

Heading into the afternoon, the live cattle contracts are scaling fully higher with modest gains despite the market being thin due to the Christmas holiday. December live cattle are up $0.22 at $112.15, February live cattle are up $0.35 at $115.07 and April live cattle are up $0.25 at $118.95. With boxed beef prices finding a seasonal bottom, and with the advancements in the cash market, the market slides into the holiday weekend in a fine position to welcome next week and hopefully offer an opportunity to stronger trade once again. There's been some light cash cattle trade in Eastern Nebraska for $110, but otherwise the market sits idle.

FEEDER CATTLE

The feeder cattle contracts are trying to persuade the market into trading fully higher, but the market's support only seems to stem to nearby contracts and lets the deferred contracts trade mildly lower. January feeders are up $0.80 at $141.07, March feeders are up $0.60 at $142.55 and April feeders are up $0.30 at $144.05. Next week will be a quiet one for feeder cattle sales as most sale barns are closed until after the New Year.

LEAN HOGS

Modest pressure is trying to creep into the lean hog marketplace but so far the contracts have been able to combat its pressure other than in a couple nearby contracts. February lean hogs are down $1.10 at $66.75, April lean hogs are down $0.47 at $70.82 and June lean hogs are steady at $82.15. Following Wednesday's steep advancement, the market hopes to keep as much of the conquered territory as possible before the day's early close.