Printable Page Market News   Return to Menu - Page 2 3 4 5 6 7 8 9 10
 
 
DTN Midday Livestock Comments          09/17 11:43

   Mixed Livestock Trade Limits Volume

   Sluggish market activity is seen early in the complex with active pressure 
in lean hog futures easing slightly as the morning continues. Mixed trade looks 
for increased buyer support early in the week.

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   Livestock futures are mixed in limited trade Monday morning. Initial 
pressure has held lean hog futures lower, although prices have quickly bounced 
back from early session lows. Cattle markets are mixed with firm gains in 
feeder cattle futures trying to influence live cattle trade. Corn markets are 
lower in light trade. September corn futures are 2 cents higher. Stock markets 
are higher in light trade. The Dow Jones is 11 points lower, while Nasdaq is 
down 65 points.

   LIVE CATTLE:

   Early trade Monday is mixed as traders seem hesitant to step back into the 
market. October futures have posted a 15-cent loss, moving to $113.65 per cwt. 
Nearby futures are mixed from 15 cents lower to 12 cents higher, as traders are 
unwilling to make any major market shifts Monday morning. Cash cattle markets 
remain quiet following limited trade last week. Packers will be going into the 
week very short bought, but this may not be enough to spark trade activity 
until midweek or later. Boxed Beef cut-outs at midday are higher, $0.71 higher 
(select) and up $1.94 per cwt (choice) with light movement of 41 total loads 
reported (23 loads of choice cuts, 13 loads of select cuts, no loads of 
trimmings, five loads of ground beef).

   FEEDER CATTLE:

   Limited buyer support has slowly but steadily moved back into the complex. 
The strong gains that pushed prices to triple-digit gains and near contract 
highs has offset any early morning market adjustments with overall buyer 
support moving back into the complex. The recent support in live cattle trade, 
combined with overall pressure in the grain trade, has added even more movement 
through the entire complex. There may be some additional longer-term market 
shifts developing through the next couple of months, but traders continue to 
focus closely on live cattle market shifts and the direction of corn markets.   
    

   LEAN HOGS:

   Lean hog futures have continued to erode through Monday morning with sharp 
early losses quickly sparking widespread liquidation through nearby contracts. 
December futures let the complex lower, falling over $2.60 per cwt I the first 
hour of trade. Despite the building pressure, selling interest slowed 
significantly, which curbed losses to $1 to $1.30 per cwt in nearby contracts 
at midday. This may add some additional movement through the end of the 
session. Cash prices are higher on the National Direct morning cash hog report. 
The weighted average price is $1.57 higher at $50.36 per cwt with the range 
from $43.00 to $54.00 on 6,150 head reported sold. Cash prices are higher on 
the Iowa/Minnesota Direct morning cash hog report. The weighted average price 
is $3.10 higher at $52.03 per cwt with the range from $43.00 to $54.00 on 2,648 
head reported sold. The National Pork Plant Report posted 90 loads selling on 
the morning report. Pork carcass values added $0.70 per cwt at $75.23 per cwt. 
Lean hog index for 9/13 is at $51.85 up $1.77 with a projected two-day index of 
$53.48, up $1.63.

   Rick Kment can be reached at rick.kment@dtn.com 


(SK)

Copyright 2018 DTN/The Progressive Farmer. All rights reserved.

Get your local Cash Bids emailed to you each morning from DTN – click here to sign up for DTN Snapshot.
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN