Strong cattle gains developed in live cattle futures. This helped to draw buyer support to front month futures. Traders continue to focus on the combination of fundamental and technical support in both cattle and hog markets, through the middle of October.
Cash cattle trade remains quiet Tuesday with significant activity likely delayed until Wednesday or later. Bids and asking prices are not even fully established at this point, giving packers and feeders very little to work on. There is talk that regional bids have been seen in Nebraska at $172 for select cattle.
But it is not likely that these bids will get much attention at this point in the week given the support in futures trade and time in the week. According to the closing report, the national hog base is $1.31 higher compared with the Prior Day settlement ($48.00-$56.00) weighted average $54.74.
The corn futures moved lower in light activity. December futures were 1/4 cent lower Tuesday. The Dow Jones Index is 52 points higher with the Nasdaq up 3 points.