>

 
Printable Page Market News   Return to Menu - Page 2 3 4 5 6 7 8 9 10
 
 
DTN Midday Livestock Comments          09/18 12:03

   Aggressive Buying Continues in Feeder Cattle Trade        

   Triple-digit gains have redeveloped across the feeder cattle complex early 
Monday morning as spillover buyer support flooded into the complex. This 
sparked some additional light momentum to move through live cattle trade, 
although volume remained extremely sluggish. 

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   Strong buyer support has continued to move into the cattle complex with live 
cattle and feeder cattle markets holding firm gains through the entire morning. 
Hog futures continue to move lower although prices have pulled away from early 
market pressure as buyer support is focusing on gains seen late last week. Corn 
prices are lower in light trade. December corn futures are 3 cents lower. Stock 
markets are higher in light trade. The Dow Jones is 71 points higher while 
Nasdaq is up 23 points.

   LIVE CATTLE:

   Light to moderate buyer interest has held in live cattle futures as strong 
early buying in feeder cattle futures has helped to spark follow through 
commercial buying interest. This is bringing additional interest back into the 
market which has held nearby contracts 25 to 50 cents higher through the 
morning. Traders continue to focus on the potential to steadily add support to 
the entire complex as prices attempt to break through resistance levels seen 
through the end of August. Cash cattle markets are extremely quiet with bids 
and asking prices nowhere to be found. The limited trade activity last week is 
focusing on additional short bought packers returning to the market. But this 
will not likely speed up the process as cash markets is still be delayed until 
the second half of the week. Beef cut-outs at midday are higher, $2.10 higher 
(select) and up $1.25 per cwt (choice) with light movement of 62 total loads 
reported (27 loads of choice cuts, 9 loads of select cuts, 8 loads of 
trimmings, 18 loads of ground beef). 

   FEEDER CATTLE:

   Triple-digit gains continue to hold across nearby contracts with September 
through January futures posting gains from $1 to $1.40 per cwt at midday. The 
follow through support seen in the market is helping to establish new short 
term highs across nearby contracts, allowing for commercial buyers to become 
even more aggressive as they look toward the fourth quarter of the year.  

   LEAN HOGS:

   Sharp early trade in nearby lean hog futures has moderated greatly through 
the morning with prices mixed in a light to moderate range. Front month October 
futures still lead the market lower with a 62 cent loss. But the rest of the 
complex is mixed from 20 cents lower to 27 cents higher. The overall lack of 
direction in the market continues to focus on the sharp rebound seen late last 
week as traders try to sustain market stability through the complex. Cash 
prices are lower on the National Direct morning cash hog report. The weighted 
average price fell $1.04 at $51.87 per cwt with the range from $48.00 to $52.00 
on 3,460 head reported sold. Cash prices are unreported due to confidentiality 
on the Iowa/Minnesota Direct morning cash hog report. The National Pork Plant 
Report reported 112 loads selling with prices adding $1.30 per cwt. Lean hog 
index for 9/14 is at $64.07 down $1.08 with a projected two-day index of 
$62.82, down 1.25. 

   Rick Kment can be reached at rick.kment@dtn.com 


(BE)

Copyright 2017 DTN/The Progressive Farmer. All rights reserved.

Your local weather forecast from DTN can be sent to your email every morning free through DTN Snapshot.
 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN