DTN Midday Livestock Comments 01/06 12:16

DTN Midday Livestock Comments 01/06 12:16 Traders Focus on Additional Market Stability Market stability seems to be the theme of the trading session Friday. Mixed trade within a narrow range is holding as traders focus on the potential for additional shifts early next week. By Rick Kment DTN Livestock Analyst GENERAL COMMENTS: Firm support is trickling back into the feeder cattle market at midday Friday. The rest of the complex remains undirected with light trade seen through all mixed price moves during late morning. Corn prices are lower in light trade. March corn futures are 3 cents lower. Stock markets are higher in light trade. The Dow Jones is 96 points higher while Nasdaq is up 45 points. LIVE CATTLE: Mixed live cattle futures continue to hold, as trading ranges remain narrow at midday. The lack of support in beef values and sluggish cash market activity at the end of the week is leaving prices undirected. It is likely that additional shifts will continue to be seen, but price moves should remain narrow. Cash cattle activity remains light with bids still unavailable. It is expected that additional trade is needed in the North, although the South is likely wrapped up for the week. Asking prices remain at $190 and higher in the North and $120 in the South. Beef cut-outs at midday are mixed, $0.37 higher (select) and down $2.41 per cwt (choice) with light movement of 65 total loads reported (40 loads of choice cuts, 20 loads of select cuts, 2 loads of trimmings, 10 loads of ground beef). FEEDER CATTLE: Light gains have slowly redeveloped at midday. This is a strong move from the early pressure which developed in the complex. The overall tone of the market remains undirected following previous market pressure in the complex. This could bring about additional softness through the entire cattle market through early next week. LEAN HOGS: Mixed trade is seen Friday with moderate to firm pressure seen in front month February futures. The overall lack of direction in cash markets and sluggish trade volume is limiting buyer support. Other nearby contracts are steady to slightly higher with very little sense of support seen late in the week, but markets looking for additional stability across the entire complex. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.44 at $54.41 per cwt with the range from $53.92 to $56.00 on 2,557 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 161 loads selling with prices gaining $1.01 per cwt. Lean hog index for 1/4 is at $57.61 up $0.03 with a projected two-day index of $57.69 up $0.08. Rick Kment can be reached at rick.kment@dtn.com (ES) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.