DTN Midday Livestock Comments 12/31 12:20

DTN Midday Livestock Comments 12/31 12:20 Mixed Trade Holding In Quiet Pre-Holiday Activity Traders are quickly leaving the market Thursday as they prepare for the end of the year and New Year's holiday weekend. Mixed trade is seen in cattle futures while lean hog futures have moved lower in narrow trading ranges. By Rick Kment DTN Analyst GENERAL COMMENTS: Light trade is seen Friday across the entire livestock market with traders focusing on mixed trade activity in both cattle and hog markets. Traders remain on their way out the door with positions made for the end of the year as they focus on potential shifts still developing in January. Corn prices are lower in light trade. March corn futures are 1 cent lower. Stock markets are lower in light trade. The Dow Jones is 40 points lower while Nasdaq is down 21 points. LIVE CATTLE: Live cattle futures are mostly lower Thursday with the exception the expiring December contract. The recent market rally helped to spark additional buyer support across the complex, and may help to draw additional interest back into the market during early 2016. Cash cattle trade is quiet after the moderate to active trade seen Wednesday. The aggressive $12 per cwt rally from last week's prices was the highest one week price shift seen since October 2003 and could create some additional volatility in the market once traders return in 2016. Beef cut-outs at midday are higher, $1.62 higher (select) and up $2.05 per cwt (choice) with light movement of 59 total loads reported (27 loads of choice cuts, 16 loads of select cuts, 3 loads of trimmings, 12 loads of ground beef). FEEDER CATTLE: Feeder cattle futures are mixed to mostly higher at midday after posting moderate gains early in the session. The light volume through the last trading session of the year has finally caught up with the aggressive buyer support seen in the market. March futures still contain 80 cent gains, although there still remain very little market support through the rest of the contracts. LEAN HOGS: Lean hog futures have faded into the background as traders seem to have given up on 2015 as trade volume is extremely light through the end of the morning Thursday. Markets will remain closed Friday with prices hovering in a narrow range as the focus now turns to the potential supply and demand moves during early January. Early-year commodity market adjustments may also play a role over the next few weeks, which could spark some additional market shifts. But for now, markets are focused on the ability to wander into the holiday weekend. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.59 per cwt to $47.77 per cwt with the range from $43.50 to $49.50 per cwt on 3,969 head reported sold. Cash prices are lower on the Iowa Minnesota Direct morning cash hog report. The weighted average price fell $0.98 per cwt to $48.58 per cwt with the range from $47.00 to $49.50 per cwt on 2,319 head reported sold. The National Pork Plant Report reported 180 loads selling with prices up $1.07 per cwt. Lean hog index for 12/28 is at $53.13 down 0.37, with a projected two-day index of $52.97, down 0.16. Rick Kment can be reached at rick.kment@dtn.com (BAS) Copyright 2015 DTN/The Progressive Farmer. All rights reserved.