1-800-874-3308  Tuesday, August 21, 2018  
Weather |  AgBizDir.com |  Charts |  DTN Ag Headlines |  Futures |  Futures Markets |  Headline News |  Market News |  Options |  Portfolio 
 Tri-Star Seed
 Admin Login
Printable Page Market News   Return to Menu - Page 2 3 4 5 6 7 8 9 10
DTN Midday Livestock Comments          08/21 11:41

   Mixed Trade Limits Market Interest

   Livestock futures have stabilized Tuesday morning following early-week 
pressure. The ability to bring limited buying support back to the complex is 
helping keep prices firm. 

By Rick Kment
DTN Analyst


   Livestock futures have moved very little through the morning as prices have 
bounced back and forth from narrow losses to light gains in all cattle markets. 
Lean hog futures have attempted to bring some underlying support to the complex 
following Monday's market correction. But early gains have eroded at midday. 
Corn markets are lower in light trade activity. September corn futures are 2 
cents lower. Stock markets are higher in light trade. The Dow Jones is 103 
points higher while Nasdaq is up 64 points.


   Narrow trading ranges have defined the entire cattle complex with nearby 
contracts holding gains of 20 to 30 cents per cwt. Deferred contracts are being 
affected by the light pressure that has developed in feeder cattle trade, as 
February through October 2019 live cattle futures is trading steady to 30 cents 
per cwt lower. The overall lack of support may continue to cause prices to chop 
higher and lower through the end of the Tuesday session. Cash cattle interest 
is quiet with bids and asking prices still generally undeveloped. It may be 
midweek before asking prices and bids may be seen. Trade is expected to be 
pushed off until the second half of the week, although the tone of the market 
remains weak given the lack of direction in futures trade. Boxed Beef cut-outs 
at midday are mixed, $2.03 higher (select) and down $0.05 per cwt (choice) with 
light movement of 52 total loads reported (33 loads of choice cuts, 10 loads of 
select cuts, no loads of trimmings, 10 loads of ground beef).


   Sluggish market activity is seen in feeder cattle trade with prices hovering 
in a very narrow trading range. Nearby contracts are trading from 17 cents 
lower to 5 cents higher as the overall tone of the market has remained weak. 
But the lower prices at midday have continued the moves back and forth on 
either side of unchanged, which has developed through the morning. The lack of 
direction in feeder cattle futures is quickly affecting moves in live cattle 


   Moderate buyer support has moved back into the lean hog complex Tuesday 
morning following active corrective action seen Monday. The triple-digit losses 
in nearby trade Monday seems to have created some additional buyer confidence 
through the entire complex with prices 30 to 97 cents per cwt higher midday 
Tuesday. The potential to elevate price levels through the rest of the week has 
caused some additional market interest across the entire complex. Cash prices 
are lower on the National Direct morning cash hog report. The weighted average 
price is down $0.64 at $39.54 per cwt with the range from $37.00 to $40.00 on 
4,976 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct 
morning cash hog report. The weighted average price is down $0.34 at $39.95 per 
cwt with the range from $39.00 to $40.00 on 1,600 head reported sold. The 
National Pork Plant Report posted 249 loads selling on the morning report. Pork 
carcass values fell 32 cents per cwt at $66.86 per cwt. Lean hog index for 8/17 
is at $51.51 down 1.43 with a projected two-day index of $50.71, down 0.80.

   Rick Kment can be reached at rick.kment@dtn.com 


Copyright 2018 DTN/The Progressive Farmer. All rights reserved.

DTN offers additional daily information available free through DTN Snapshot – sign up today.
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN