Moderate to strong support is seen across the market with traders focusing on the live cattle market. This is pushing nearby contracts to triple-digit gains.
Livestock trade is mixed with moderate to strong buyer activity moving back into the cattle market. Very little interest is seen in hog futures, although the tone of the market is sluggish.
Corn prices are higher in light trade. March corn futures are 1/4 cent higher Monday. Stock markets are higher in light trade. The Dow Jones is 54 points higher while Nasdaq is up 24 points.
Strong buyer support has moved into the live cattle complex. This is allowing for increased buyer support to be seen through the entire complex.
Cash cattle activity is quiet following show list distribution and inventory taking. Active trade may be pushed to the end of the week once again.
Boxed Beef cut-outs at midday are lower, $0.54 lower (select) and down $0.25 per cwt (choice) with light movement of 60 total loads reported (41 loads of choice cuts, 12 loads of select cuts, 9 loads of trimmings, 6 loads of ground beef).
Strong buyer support is moving into the feeder cattle market. There is additional gains expected before the end of the day following the triple digit gains in live cattle trade.
Lean hog futures remain mixed in a narrow range with very little long term direction developing early Monday morning. Prices are stuck in a narrow range from 25 cents lower to 12 cents higher. The overall lack of movement in the market may allow for sluggish activity through most of the trading session. This could add even more concern to traders as they focus on the gains in cattle market.
Cash prices are higher on the National Direct morning cash hog report. The weighted average price is up $0.36 at $69.59 per cwt with the range from $62.00 to $69.81 on 2,818 head reported sold.
Cash prices are unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report.
The National Pork Plant Report posted 116 loads selling with carcass values falling $0.11 per cwt. Lean hog index for 1/18 is at $73.67 up $0.12 with a projected two-day index of $73.40, down $0.27.