The livestock sector opened Friday in the red, not overly surprising given pressure from outside markets. Corn is up 20 cents, though well off its overnight high, and US stock indexes are down about 1% shortly after the open.
As for the livestock markets
- Live Cattle
- Initial selling looks to be coming from both noncommercial and commercial traders, though volume is light.
- Thursday saw beef cutout markets take another hit
- Choice was down $1.37
- Select dropped $3.55
- Cash cattle are reportedly down $1 to $2 this week as well
- Feeder Cattle
- Also posting a triple-digit selloff, also looking to come from both noncommercial and commercial traders
- Lean Hogs
- Strong selling early though futures spreads indicate most of the pressure is coming from noncommercial traders.
- Let’s see how the commercial side responds over the course of the day.