DTN Midday Livestock Comments 11/18 12:13

DTN Midday Livestock Comments 11/18 12:13 Sluggish Trade Seen in Livestock Futures Friday Livestock futures remain lightly traded as traders appear to have quickly wrapped up business needed for the weekend. It is likely that volume will remain sluggish through the entire next week due the Thanksgiving holiday. By Rick Kment DTN Analyst GENERAL COMMENTS: Mixed trade is seen Friday morning as traders seemingly are starting to check out as holiday fever is quickly gaining momentum. The lack of activity level and market direction is leaving cattle and hog futures lightly tested and moving in a very narrow trading range during the Friday session. Corn prices are higher light trade. December corn futures are 3 cents higher. Stock markets are lower in light trade. The Dow Jones is 30 points lower while Nasdaq is down 8 points. LIVE CATTLE: Live cattle futures are trading in a directionless pattern Friday morning with prices mixed in a narrow single-digit range through much of the morning. The lack of additional market information and cash trade already in the books has most traders exiting the market for the weekend. Trade through much of next week is likely to remain subdued due to the holiday, which could keep markets sluggish through most of November. Cash cattle trade is likely wrapped up for the week given the aggressive numbers of cattle sold midweek and higher prices paid. Traders are likely focusing on the light upcoming holiday weekend next week, but will likely need to secure some additional cattle in order to get through the next couple weeks. This can be done early next week. Beef cut-outs at midday are higher $0.36 higher (select) and up $0.98 per cwt (choice) with moderate movement of 87 total loads reported (45 loads of choice cuts, 14 loads of select cuts, 9 loads of trimmings, 19 loads of ground beef). FEEDER CATTLE: Light pre-report buying is seen in feeder cattle trade Friday morning as traders expect to see moderate to strong placement reductions in the afternoon release of the Cattle on feed report. This could help to bolster additional buyer support early next week, although trade volume during Thanksgiving week is expected to remain sluggish anyway and may gloss over some of the report moves due to lack of trade volume. LEAN HOGS: Mixed prices are seen at midday as traders have quickly backed away from the losses seen during early morning trade. The lack of trade volume in the morning has allowed for market shifts to remain sluggish and activity light Friday. Lean hog futures continue to remain stuck in the same narrow trading range seen through the entire month of November. This has the potential to keep the market range bound over the next few weeks as little is expected to change fundamentally or technically through the holiday season. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.47 per cwt to $40.06 per cwt with the range from $38.00 to $41.00 on 2,153 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 169 loads selling with prices gaining $0.71 per cwt. Lean hog index for 11/16 is at $48.06 down $0.25 with a projected two-day index of $47.99 down $0.07. Rick Kment can be reached at rick.kment@dtn.com (ES) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.