DTN Midday Livestock Comments 03/02 12:12

DTN Midday Livestock Comments 03/02 12:12 Narrow Trading Ranged Keeping Markets Quiet Wednesday Trade across the livestock market has remained sluggish with mixed trade holding through most of the morning. This is keeping most traders on the sidelines, as very little additional direction is developing inside or outside the livestock market. By Rick Kment DTN Analyst GENERAL COMMENTS: Livestock futures remain mixed in lightly traded midweek trade through most of the morning as traders are having a hard time finding market direction due to lack of overall volume and outside interest. Corn prices are higher. March corn futures are 1/2 cent higher. Stock markets are lower in light trade. The Dow Jones is 13 points lower while Nasdaq is down 13 points. LIVE CATTLE: Narrow losses are holding at midday across the live cattle futures as prices are seen 5 to 30 cents per cwt lower due to lack of trade volume Wednesday morning. General market apathy is the main focus through the entire livestock market which continues to keep markets focused on the potential for cash markets to draw more attention to the last half of the week. Cash cattle markets remain quiet, although a few bids are starting to develop in the North at $112 per cwt. At this point this is not expected to gain any interest, but it may get the ball rolling later in the week. Asking prices remain at $140 to $142 in the South and $218 and higher in the North. Beef cut-outs at midday are mixed, $0.88 lower (select) and up $1.14 per cwt (choice) with light movement of 88 total loads reported (45 loads of choice cuts, 22 loads of select cuts, no loads of trimmings, 21 loads of ground beef). FEEDER CATTLE: Narrowly mixed feeder cattle trade remains Wednesday morning as traders are slowly stepping back into nearby contracts with front month March futures able to post 30 cent gains. The consistency of nearby contract support continues to draw buyer activity through the market, although the overall tone in the market seems to be limited in deferred contracts based on pressure in live cattle contracts. LEAN HOGS: Lean hog futures have been unable to establish a direction Wednesday morning with prices narrowly mixed through the morning. April futures are holding limited losses of 20 cents per cwt, which is the widest trading range seen in 2016 contract months as the rest of the market has remained stuck in an incredibly narrow range due to very little interest despite the pressure in cash prices on the morning report. The lack of direction in grain markets and sluggish movement across the cattle complex is adding to the market apathy and could keep markets sluggish through most of the day. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $1.13 per cwt to $60.92 per cwt with the range from $54.00 to $63.00 per cwt on 2,896 head reported sold. Cash prices are lower on the Iowa Minnesota Direct morning cash hog report. The weighted average price fell $1.13 per cwt to $60.92 per cwt with the range from $54.00 to $63.00 per cwt on 2,896 head reported sold. The National Pork Plant Report reported 340 loads selling with prices up $1.13 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.