The inability to sustain support in cattle futures through the last hour of trade caused sharp triple-digit losses to develop in live cattle and feeder cattle markets. This defensive tone in the complex may continue to create additional market pressure across the rest of the complex later in the week.
Cash cattle markets remain generally quiet late Tuesday afternoon with a few token bids developing across cattle country. Bids are seen at $109 live basis in both the North and South, while dressed bids are reported at $173 per cwt in Nebraska.
At this point, asking prices appear to be pegged at $113 and higher live basis, and $178 to $180 dressed. Very little feeder interest is being shown these bids even with the pullback of futures. Most likely, cattle trade will be delayed until sometime late Thursday or Friday.
According to the closing report, the national hog base is $2.07 higher compared with the Prior Day settlement ($53.00-$62.50) weighted average $60.44.
The corn futures moved lower in light activity. December futures were 1/4 cent lower Tuesday. The Dow Jones Index is 40 points higher with the Nasdaq down 2 points.