Although futures and cash markets will trade on a normal schedule. Overall market activity is likely to remain subdued due to the observance of Veterans Day. With government and financial institutions closed for the day, overall trade levels traditionally remain limited.
Cattle: Steady Futures: Mixed Live Equiv $153.10 +0.46*
Hogs: Lower Futures: Mixed Lean Equiv $87.52 +2.03**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Interest in the cash cattle market is expected to remain subdued following the upward momentum seen last week. Even though increased underlying support is expected to develop and feeders are likely to once again rapidly increase asking prices, little to no market interest is likely to be shown early Monday. Interest will likely be limited to show list distribution and inventory taking with bids and asking prices not expected to be seen until near midweek or later.
Futures trade is expected to remain mixed in holiday subdued trade. With financial institutions closed, government holidays like today typically limit the amount of trade activity moving into the market as many institutional traders remain out of the market. The sideways trading pattern seen over the last week continues to focus on the underlying bullishness of the market, but traders remain concerned about further market potential given limited demand support through the holiday season. Monday slaughter runs are expected at 117,000 head.