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DTN Midday Livestock Comments          11/28 11:09

   Feeder Cattle Futures Push Higher                       

   Strong gains in nearby feeder cattle futures early Friday has helped to 
bring stability and moderate support to the entire cattle futures complex. Lean 
hog futures remain under pressure in the lightly traded post-holiday session.   

By Rick Kment
DTN Analyst


   Trade remains extremely sluggish through the livestock complex with moderate 
pressure seen in lean hog trade as traders focus on the potential for some 
additional follow through fundamental pressure developing in early December as 
traders focus more on potential supply issues. Cattle trade is mostly higher 
based on strong support in feeder cattle trade during Friday morning. Corn 
prices are lower in light trade. December corn futures are 3 cents per bushel 
lower. Stock markets are higher in light trade. The Dow Jones is 55 points 
higher while Nasdaq is up 15 points.


   Live cattle trade remains mixed with pressure in nearby contracts being 
offset by moderate to strong gains midmorning in the deferred contracts. Trade 
volume remains near a standstill with few traders returning back to the complex 
following the Thursday holiday. The fact that markets are trading on an 
abbreviated schedule is also limiting overall activity through the market. Cash 
cattle trade appears to be done for the week following activity seen Wednesday. 
Although overall numbers remain extremely light for the week, there seems to be 
very little aggressive interest shown early Friday morning. A few bids of $265 
are seen in the North during the morning, but it is uncertain if this will get 
much attention. 


   Moderate to strong gains have developed over the feeder cattle futures 
market early Friday. The focus of midweek live cattle cash trade, as well as 
the potential for some post-holiday buyer support trickling into the market 
through early December has sparked interest in nearby feeder cattle futures. 


   Early trade remains sluggish Friday morning with the complex remaining 
defensive due to lack of fundamental cash market support expected as well as 
overall light trade through most of the market. Nearby contracts are holding 
losses of 25 to 50 cents per cwt, which has backed away from early session lows 
as traders head to the early close of market trade Friday. Cash prices are 
lower on the National Direct morning cash hog report. The weighted average 
price fell $0.15 per cwt to $84.75 per cwt with the range from $84.28 to $86.50 
per cwt on 3,355 head reported sold. Cash prices are unreported due to 
confidentiality on the Iowa Minnesota Direct morning cash hog report. The 
National Pork Plant Report is reported 129 loads selling as prices falling 
$1.11 per cwt. Lean hog index for 11/24 is at $88.74 down $0.04, with a 
projected two-day index of $88.85 up 0.11.

   Rick Kment can be reached at 


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