DTN Midday Livestock Comments 03/09 12:29

DTN Midday Livestock Comments 03/09 12:29 Strong Gains Seen in Front-Month Live Cattle Trade Wide ranging trading shifts are seen Friday morning. The focus on increased market activity through the next week may add even more pressure to the market. By Rick Kment DTN Analyst GENERAL COMMENTS: Traders continue to move back into the cattle market with wide price swings seen through the morning causing some end-of-week volatility. This could add increased movement early next week. Corn prices are lower in light trade. March corn futures are 3 cents lower Friday. Stock markets are higher in light trade. The Dow Jones is 330 points higher while Nasdaq is up 105 points. LIVE CATTLE: Triple-digit gains have quickly developed in front-month live cattle futures. There is growing support that will continue to draw traders back into the market through the end of the session. Cash cattle trade remains quiet with a few clean up deals being done with prices in the range of trader early in the week. This could limit additional volume through the rest of the day. Boxed beef cut-outs at midday are higher, $1.13 higher (select) and up $0.74 per cwt (choice) with light movement of 92 total loads reported (61 loads of choice cuts, 12 loads of select cuts, 7 loads of trimmings, 11 loads of ground beef). FEEDER CATTLE: Firm gains are seen in feeder cattle trade. This is helping to stabilize the market over the end of the week. The wild market shifts seen through the last several days have caused significant uncertainty for the entire complex. LEAN HOGS: Light pressure is seen in lean hog futures with mixed markets keeping traders on the sidelines. Most market activity seems to have been done early in the week with traders allowing markets to wander sideways Friday. Cash prices are lower on the National Direct morning cash hog report. The weighted average price is down $0.29 at $62.20 per cwt with the range from $56.00 to $62.58 on 3,804 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is down $0.18 at $61.03 per cwt with the range from $56.00 to $62.58 on 778 head reported sold. The National Pork Plant Report posted 195 loads selling with carcass values gaining $0.95 per cwt. Lean hog index for 3/5 is at $67.52, down 0.17 with a projected two-day index of $67.66, up 0.15. Rick Kment can be reached at rick.kment@dtn.com (BE) Copyright 2018 DTN/The Progressive Farmer. All rights reserved.