Limited direction is expected early Friday morning as most traders will focus their attention elsewhere. The impact of Hurricane Florence will likely have a huge impact on all markets through the end of the week.
Cattle: Steady Futures: Mixed Live Equiv:$136.34 -0.82*
Hogs: $1 Higher Futures: Mixed Lean Equiv:$ 75.81 +1.62**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Cash cattle trade remains essentially undeveloped going into Friday morning. The standoff between limited bids the last few days and feedlot managers that are unwilling to part with cattle at lower prices is setting the stage for what could be a late day of trade. Light-to-moderate trade is expected to develop sometime Friday in all areas, although overall market interest may remain sluggish.
Futures trade is expected to remain mixed in a narrow direction early Friday with most of the focus on outside market factors. Traders in all markets will be spending more time gaining information on Hurricane Florence and the impact on the East Coast. This will likely keep overall market activity light through most of the session.