Market activity is expected to remain sluggish through most of the Friday session with a combination of follow-through buying met with end-of-week positioning following underlying support moving into the complex the last couple of days.
Cattle: Steady Futures: Mixed Live Equiv $143.69 -0.04*
Hogs: Steady Futures: Higher Lean Equiv $ 91.14 -0.68**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Most cash business is expected to be wrapped up for the week following light to moderate trade seen in all areas over the last two days. Late day trade Thursday sparked activity in the North with dressed trade seen at $185 per cwt. This is generally $7 per cwt lower than last week.
Live trade was seen around $114 to $117 per cwt through the week, with prices generally $3 per cwt lower. The tone of the market is likely set, and any clean up activity is likely to fall within previous market ranges which developed Wednesday and Thursday.
Futures trade is expected mixed to mostly higher as end-of-week follow-through support is looking forward to increased market support as traders build on the gains over the last couple of sessions. Feeder cattle trade still remains weak, leaving the door open for increased market swings despite recent attempts to solidify buying interest in all cattle trade.