Activity levels through livestock markets should remain sluggish Tuesday as limited new information is available, which should keep markets within the current trading range.
Cattle: Steady Futures: Mixed Live Equiv: $144.44 +0.37*
Hogs: Steady Futures: Mixed Lean Equiv: $ 91.54 +1.26**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Tight corn supply is expected to bring light-to-moderate pressure in feeder cattle trade Tuesday. The latest Crop Progress report released Monday posted total corn planted acres at 49%. This is the lowest level at this date on record. The uncertainty of how this will impact overall production is causing concern by cattle feeders, and directly impacting prices paid for feeder cattle.
Live cattle is expected mixed in a narrow-to-moderate range with limited livestock market direction expected in the next couple of days with the main focus on outside market moves.
Cash cattle trade is undeveloped at this point and likely will not show significant activity until midweek or later. A few token bids may start to develop, but asking prices may not show up until Wednesday or later.