Commercial buying quickly moved into feeder cattle futures Tuesday morning, helping to spark additional solid gains in all cattle markets. Lean hog futures continue to show resilience early in the week with December contracts posting triple digit support and moving $1.67 per cwt higher following moderate buyer support.
Cash cattle activity remains at a standstill Tuesday afternoon with bids unavailable as packers are unwilling to step into the market at this time. A few asking prices are being floated with prices seen at $108 to $109 live basis and $170 to $172 per cwt dressed basis. Activity in cash markets may not develop until late in the week, although bids may start to be seen over the next couple of days.
According to the closing report, the national hog base is $1.05 lower compared with the Prior Day settlement ($47-$53) weighted average $51.08.
The corn futures moved lower in light activity. December futures were 3 cents higher Tuesday. The Dow Jones Index is 42 points higher with the Nasdaq up 6 points.