DTN Midday Livestock Comments 11/24 12:09

DTN Midday Livestock Comments 11/24 12:09 Cattle Futures Shift Lower Tuesday Morning Cattle markets have moved sharply lower Tuesday morning due to light trade volume creating volatile pre-holiday market swings. Trade shifts are likely to continue to be seen through most of the week, although trade interest is likely to slow as the week continues. By Rick Kment DTN Analyst GENERAL COMMENTS: Cattle futures moved sharply lower Tuesday morning as traders have quickly pulled back from early week support. The light trade activity during the week will continue to leave markets volatile. Hog support remains light, but midday gains continue to be seen in nearby contracts based on firming fundamentals. Corn prices are higher in light trade. December corn futures are 2 cents higher in front month December contracts. Stock markets are higher in light trade. The Dow Jones is 48 points higher while Nasdaq is up 4 points. LIVE CATTLE: Strong gains have been seen through the morning in live cattle futures as traders are posting strong reactions to the market shifts seen Monday. The light trade volume is creating intense yo-yo action in nearby and deferred contracts, but nearby futures is being affected the most by this market swing. Traders are focusing on increased trade activity which continues to focus on the light volume through the entire holiday week and lack of overall market direction. Cash cattle markets are still quiet Tuesday with bids still undefined. A few asking prices are starting to be seen in the South at $132, although at this point this is not going to create much movement in the market. Both sides would like to wrap things up before Thursday in order not to step back into the market Friday after the Holiday, but it will see if that will be able to be done. Beef cut-outs at midday are mixed, $0.23 lower (select) and up $0.18 per cwt (choice) with moderate movement of 96 total loads reported (42 loads of choice cuts, 22 loads of select cuts, 1 load of trimmings, 31 loads of ground beef). FEEDER CATTLE: Triple-digit losses continue to hold in feeder cattle futures as traders focus on the lack of volume during the week creating increased market volatility across the entire cattle complex. The feeder cattle market is tightly grouped between $1.20 and $1.35 per cwt lower, as additional market shifts are likely possible before closing bell. LEAN HOGS: Firm midday support has developed through the morning with December contracts posting 60 cent gains as early pressure has eroded and traders have stepped back into the market. The focus on moving prices higher and advancing on seasonal gains through the end of the month continue to draw light trade back into the market even though overall volume remains sluggish ahead of the holiday break. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $1.25 per cwt to $49.64 per cwt with the range from $47.00 to $51.97 per cwt on 4,643 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 245 loads selling with prices up $0.01per cwt. Lean hog index for 11/19 is at $55.52 down 0.35, with a projected two-day index of $55.37, down 0.37. Rick Kment can be reached at rick.kment@dtn.com (BAS) Copyright 2015 DTN/The Progressive Farmer. All rights reserved.