DTN Midday Livestock Comments 03/01 12:07

DTN Midday Livestock Comments 03/01 12:07 Cattle Futures Mixed in Sluggish Trade Quiet trade is seen in the livestock market as traders slowly step into the market. Mixed prices are holding in live cattle futures with April contracts taking over as front-month futures draw buyers back into the complex. By Rick Kment DTN Analyst GENERAL COMMENTS: Mixed livestock trade continues to hold through the first trading day of March. The focus in the complex continues to be based on firming April contract support in live cattle markets even though lack of activity is seen in cash cattle markets. Corn prices are mixed. March corn futures are 1 cent higher. Stock markets are higher in light trade. The Dow Jones is 293 points higher while Nasdaq is up 100 points. LIVE CATTLE: Live cattle futures are mixed with light to moderate gains developing in nearby contracts following strong cash cattle trade last week still helping to draw buyer support back into the market with April futures taking over as the official front-month futures contract. Deferred futures are eroding slightly based on lack of market activity more than any other factor Tuesday morning. Cash cattle activity is quiet with bids still undeveloped. Active trade is likely to be pushed off until Thursday or Friday which may delay active asking prices from being seen until midweek or later. Beef cut-outs at midday are mixed, $0.12 lower (select) and up $0.18 per cwt (choice) with light movement of 58 total loads reported (33 loads of choice cuts, 10 loads of select cuts, no loads of trimmings, 15 loads of ground beef). FEEDER CATTLE: Feeder cattle futures remain lightly traded in a moderate range with front month March futures posting a 47 cent per cwt rally while the rest of the complex is under light to moderate pressure. The focus through the complex continues to be based on early month position squaring as traders try to adjust long-term market focus while looking for interest from noncommercial trade activity to develop later in the month. LEAN HOGS: Narrow trading ranges are holding through the lean hog futures market with little market direction developing through the morning. The focus on market stability in early March is expected to create some additional market interest through the rest of the week, but may not be able to swing prices in either direction before markets close through the rest of the day. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $1.03 per cwt to $61.23 per cwt with the range from $59.00 to $62.83 per cwt on 2,825 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 203 loads selling with prices up $0.02 per cwt. Lean hog index for 2/25 is at $66.60 up 0.08, with a projected two-day index of $66.76, up 0.16. Rick Kment can be reached at rick.kment@dtn.com (ES) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.