Tuesday, October 17, 2017  
 
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DTN Midday Livestock Comments          10/16 12:01

   Livestock Futures Stuck in Narrow Range Monday Morning 

   Narrow trading ranges are holding in livestock futures with the exception of 
front-month lean hog futures trade. Increased additional market direction is 
expected through the rest of the week.  

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   Livestock futures are lightly traded with strong buyer activity flooding 
into front month lean hog futures contracts, while the rest of the livestock 
market remains stuck in a narrow range. Light trade is expected to keep traders 
on the sidelines through most of the session. Corn prices are lower in light 
trade. December corn futures are 2 cents lower. Stock markets are higher in 
light trade. The Dow Jones is 38 points higher while Nasdaq is up 7 points.

   LIVE CATTLE:

   Live cattle futures are mixed in a narrow range in all contracts except 
front month October futures. October contracts are holding a 75-cent-per-cwt 
loss, with traders continue to roll into December and February contract months. 
The remainder of nearby and deferred futures are futures are stuck in 
directionless ranges as traders focus on the lack of movement in feeder cattle 
trade and sluggish outside market moves. Cash cattle trade is quiet with show 
list distribution the main order of business for the day. Bids and asking 
prices remain undeveloped at this point and likely will be quiet all day. Beef 
cut-outs at midday are higher, $0.77 higher (select) and up $0.51 per cwt 
(choice) with light movement of 55 total loads reported (22 loads of choice 
cuts, 11 loads of select cuts, 15 loads of trimmings, 7 loads of ground beef). 

   FEEDER CATTLE:

   Feeder cattle futures are quietly traded as volume is still sluggish Monday 
morning in all cattle markets. October contracts are holding 35 cent gains, 
although the remainder of contracts are stuck in a narrow 20 cent range with 
lackluster activity expected to develop through the rest of the session. This 
could limit commercial buyer interest early in the week.       

   LEAN HOGS:

   Light early support in lean hog futures has sparked additional strong buyer 
support in nearby lean hog futures. December futures have posted $1.02 per cwt 
gains at midday with prices moving above $63.22 per cwt. This is creating 
widespread support in all contracts, although most of the volume has been 
limited to nearby contracts. Cash prices are higher on the National Direct 
morning cash hog report. The weighted average price higher $0.48 at $58.07 per 
cwt with the range from $53.00 to $60.00 on 5,971 head reported sold. Cash 
prices higher on the Iowa/Minnesota Direct morning cash hog report. The 
weighted average price added $0.73 at $59.06 per cwt with the range from $53.00 
to $60.00 on 3,293 head reported sold. The National Pork Plant Report reported 
145 loads selling with prices adding $0.61 per cwt. Lean hog index for 10/12 is 
at $59.51 up $0.39 with a projected two-day index of $60.24, up 0.73.

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


(BE)

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