Firm end of the week gains have developed across cattle and hog futures midday Friday. Overall trade activity is limited due to the holiday break Thursday and an early market close Friday. Corn markets are lower in light trade. December corn futures are 2 cents lower. Stock markets are lower in light trade. The Dow Jones is 111 points lower while Nasdaq is down 5 points.
LIVE CATTLE:
Firm price support is seen at midday following a lackluster shift early in the trading session. The ability to bring buyers back to the table following Wednesday's market rally has brought about increased underlying support through the entire complex. Nearby contracts are seen 40 to 80 cents per cwt higher with increased support likely to carry into next week. Packer interest is improving through the morning following light to moderate trade seen Wednesday. It is expected that additional deals will be seen, especially in the north before the end of the day. Boxed Beef cut-outs at midday are higher, $0.67 higher (select) and up $0.22 per cwt (choice) with light movement of 32 total loads reported (17 loads of choice cuts, 5 loads of select cuts, 5 loads of trimmings, 5 loads of ground beef).
FEEDER CATTLE:
Despite an early sluggish start to feeder cattle trade Friday morning, firm buyer support has returned to the market midday as traders continue to assess just how much long term impact the lower cattle placement numbers in October will have on prices through the rest of the year. Nearby contracts are hovering from 70 cents to $1 per cwt higher as limited but firm buyer support is moving into the market. The rest of the complex remains sluggish as many are willing to wait until next week before becoming active in the market once again.
LEAN HOGS:
Strong gains have moved back into the lean hog complex despite the very limited trade activity Friday morning. Nearby contracts are holding gains of $1.30 to $1.45 per cwt, while limited interest is shown through the deferred contract months. The limited activity will create some concern about the long term stability of recent gains, but the focus on fundamental support through the end of the year may continue to spark a combination of commercial and noncommercial support through the upcoming weeks. Cash prices are unreported at this time on the National Direct morning cash hog report. Cash prices are unreported at this time on the Iowa/Minnesota Direct morning cash hog report. The National Pork Plant Report posted 185 loads selling on the morning report. Pork carcass values added $0.17 per cwt at $66.88 per cwt. Lean hog index for 11/20 is $58.02, down 0.21, with a projected two-day index of $57.84, down 0.18.
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