Firm pressure is seen in the livestock complex. There is sluggish trade activity in all markets, although the entire market is weak due to light trade.
Firm pressure is seen in all livestock futures with traders focusing on follow through pressure in the cattle complex. This is eroding both fundamental and technical support at the end of the week.
Corn prices are lower in light trade. May corn futures are 2 cent lower Friday. Stock markets are higher in light trade. The Dow Jones is 225 points higher while Nasdaq is up 3 points.
Live cattle futures are holding firm losses as active pressure is seen in the market even though trade volume is light. There is growing concerns that additional weakness will develop through the end of March.
Cash cattle trade has slowly developed late Friday morning with light trade seen in the South at $127 per cwt. Some additional late day activity is expected to be seen in the north, but for now, only bids are seen at $126 to $127 per cwt.
Boxed Beef cut-outs at midday are higher, $0.86 higher (select) and up $0.73 per cwt (choice) with light movement of 54 total loads reported (32 loads of choice cuts, 7 loads of select cuts, 3 loads of trimmings, 12 loads of ground beef).
Light to moderate selling pressure is seen across the complex once again. This may add even more weakness to the complex with traders holding nearby prices at $140 per cwt. The potential for some additional late-day pressure is developing, which could weaken not only the rest of the complex, but could keep traders from moving back into the market early next week.
Light to moderate pressure is seen across the entire lean hog futures complex. This may add even more weakness to the market over the weekend. Prices are 10 cents to $1.15 per cwt lower as traders seem to be quickly backing away from previous support.
Cash prices are lower on the National Direct morning cash hog report. The weighted average price is down $0.96 at $57.61 per cwt with the range from $53.00 to $58.50 on 3,625 head reported sold.
Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is down $1.89 at $56.78 per cwt with the range from $53.00 to $58.50 on 330 head reported sold.
The National Pork Plant Report posted 138 loads selling with carcass values falling $0.30 per cwt. Lean hog index for 3/13 is at $66.38, down 0.29 with a projected two-day index of $65.93, down 0.45.