DTN Midday Livestock Comments 11/22 12:16

DTN Midday Livestock Comments 11/22 12:16 Cattle Futures Mixed Midday in Sluggish Trade Narrow Trade Ranges have posted mixed cattle prices at midday following early pressure. Morning activity has focused on position-squaring activity, which has pushed prices lower in all markets during most of the morning. By Rick Kment DTN Analyst GENERAL COMMENTS: Light buyer support is redeveloping in live cattle and feeder cattle futures following lackluster trade activity during the morning. The focus through the trading session has been position squaring following the strong market surge. Lean hog futures continues to post moderate pressure following the sharp triple-digit gains seen Monday. Corn prices are higher light trade. December corn futures are 1 cent higher. Stock markets are higher in light trade. The Dow Jones is 30 points higher while Nasdaq is up 12 points. LIVE CATTLE: Live cattle futures have chopped around in a narrow trading range through the entire morning. The lack of support seen in the complex continues to limit additional buyer support, but also is limiting the potential for selling pressure as traders look for protection taking to take place through the end of the week. Firm beef values seen in the boxed beef values is helping to draw buyers back to the nearby live cattle futures, pushing nearby contracts 30 to 60 cents higher. Cash cattle markets remain quiet early Tuesday with bids still undeveloped. There is a few asking prices starting to develop through the South seen at $112 to $113. Trade is likely to be seen Wednesday as both sides are likely to try to get business done before the Thanksgiving break. Beef cut-outs at midday are higher $1.44 higher (select) and up $1.05 per cwt (choice) with light movement of 83 total loads reported (47 loads of choice cuts, 14 loads of select cuts, 6 loads of trimmings, 17 loads of ground beef). FEEDER CATTLE: Mixed trade is seen at midday, washing away moderate morning pressure as light buyer support seems to be focused on market stability through the complex. The potential to draw additional buyers back into the complex through the last two hours of trade could bring some light support to the entire market, will do very little to the underlying structure of the complex. LEAN HOGS: Light to moderate pressure is seen through early trade with traders focusing on pulling back from triple-digit gains seen Monday. The market pressure which has developed in the nearby lean hog futures has not yet pushed contracts back into the sideways trading range which has held through the month of November, but is limiting the potential for additional market support before the holidays. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.84 per cwt to $40.00 per cwt with the range from $38.00 to $41.50 on 3,867 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 231 loads selling with prices gaining $1.38 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.