Cattle on feed numbers remained steady with July 2018 levels, according to USDA’s report on Friday. Sharp losses across the entire complex Friday limited the focus on the report.
Sharp losses flooded the entire livestock market Friday as traders continued to focus on larger-than-expected beef supplies in July and the bearish market tone continued as traders adjusted from earlier-week gains. Nearby hog futures closed limit down, breaking through long-term support levels.
From Friday to Friday, livestock futures scored the following changes: Aug LC, up $4.70; Oct LC, up $1.35; Aug FC, up $2.78; Sep FC, up $0.88; Oct LH, off $2.70; Dec LH, off $2.00. Cash cattle trade developed through the second half of Friday with Southern live trade seen mostly $106 per cwt. This is generally $1 per cwt higher than last week, but still continues to focus on the underlying market weakness seen in the entire cattle complex.
Dressed trade in the North developed with most trade to major packers at $175 per cwt. This is $4.50 per cwt higher than last week. A few deals were reported to regional packers with delayed delivery agreements at $176 to $178 per cwt.
The National Daily Direct afternoon hog report was $1.57 lower ($55-$70.00, weighted average $64.55 per cwt) on 13,468 head sold.
Corn futures inched lower in light trade with September down 3 1/2 cents lower. Stock markets were lower in active trade with the Dow down 623 points and the NASDAQ down 239 points.