Volatility swept through hog futures over the last couple of sessions. This led to mixed market moves at the end of the week with trades focused more on contract positions than overall market direction.
End-of-week buying pushed live cattle futures higher in limited volume (up $0.45 to $1.02). Even though markets remained sluggish through most of Friday’s session, late-day and late-week buyer support quickly resurfaced. This pushed June futures $1.02 per cwt higher to $121.45 as traders continue to add increased underlying support through the entire complex. Limited, long-term direction has been seen during early April as traders continue to be locked in a wide, sideways trading range that may continue through most of the spring. Steady to higher cash cattle trade is helping to draw underlying support through the entire complex. Beef cut-outs: higher, $1.07 higher (select, $221.02) and up $0.01 (choice, $228.84) with moderate demand and offerings, 120 loads (73 loads of choice cuts, 17 loads of select cuts, 9 load of trimmings, 21 loads of coarse grinds).
MONDAY’S CASH CATTLE CALL:
Steady. Following trade in the North developing late Friday with higher prices than the previous week; activity Monday will revert to inventory taking and showlist distribution.
Light support trickled into a slow-moving cattle market Friday with late-day adjustments developing (futures $0.35 lower to $1.05 higher). Light buyer interest steadily moved into most nearby contracts with August futures leading the complex higher with a late-day $1 per cwt rally. Trade through most of the session was limited to light gains, as traders continue to focus on limited overall activity through the entire cattle market and sluggish fundamental moves during early April. CME cash feeder index for 4/11 is $142.78 down $0.57.