DTN Midday Livestock Comments 05/25 12:12

DTN Midday Livestock Comments 05/25 12:12 Light Gains Hold in Cattle Trade Light activity is seen through the market as very narrow market shifts are developing midweek. This could keep prices hovering in a narrow range through the rest of the week. By Rick Kment DTN Analyst GENERAL COMMENTS: Livestock futures are lightly traded in a mixed market with traders backing away from early week losses. The lack of direction in the complex could bring some stability to the complex going into the holiday weekend. Corn prices are higher. May corn futures are 3 cents higher. Stock markets are higher in light trade. The Dow Jones is 154 points higher while Nasdaq is up 56 points. LIVE CATTLE: Live cattle futures are holding narrow gains at midday with little trade volume through most of the morning. This may continue to leave most traders out of the market through the rest of the session. Cash cattle markets remain slow to develop once again following the light trade that started to develop late Tuesday. Bids are seen once again in the North at $197 dressed and $124 live in the South. But so far, no trade has developed. Asking prices are holding around $128 and higher in the South and $200 and higher in the North. Beef cut-outs at midday are higher, $0.35 higher (select) and up $1.56 per cwt (choice) with active movement of 100 total loads reported (39 loads of choice cuts, 36 loads of select cuts, 8 loads of trimmings, 17 loads of ground beef). FEEDER CATTLE: Even though feeder cattle futures remain mixed, the trading ranges have widened to the widest price points of the trading session with markets seen from 50 cents lower to 50 cents higher through the complex. The focus continues to be based on the movement in the cash cattle market through the end of the week. LEAN HOGS: Activity through the futures market Wednesday has been at a near standstill through the lean hog futures complex with nearby futures holding 10 to 20 cent gains while deferred futures are holding light losses of 5 to 15 cents per cwt. The overall lack of direction is not surprising given the lack of movement through the entire livestock market and potential chance to just keep markets afloat over the short term. This could continue over the next couple of days as traders try to look for additional market movement around the holiday weekend activity. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $1.30 per cwt to $73.01 per cwt with the range from $65.00 to $74.50 per cwt on 3,975 head reported sold. Cash prices are lower on the Iowa Minnesota Direct morning cash hog report. The weighted average price fell $1.71 per cwt to $73.17 per cwt with the range from $65.00 to $74.50 per cwt on 600 head reported sold. The National Pork Plant Report reported 258 loads selling with prices up $1.08 per cwt. Lean hog index for 5/23 is at $78.96, up 0.03 with a projected two-day index of $78.87, down 0.09. Rick Kment can be reached at rick.kment@dtn.com (ES) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.