Aggressive pressure has quickly developed across all livestock futures Tuesday, with cattle futures posting triple-digit losses. The continued pressure seen during early November has continued to limit pressure through the entire complex.
Cash cattle activity remains at a standstill following the aggressive pressure in futures markets, as well as the inability for packers to show any interest early in the week. It has been reported that a few cattle have been priced at $124 through the South, but the triple-digit market slide Tuesday could adjust these levels as the week continues.
It is likely that both sides will remain sidelined until some of the dust clears, although active trade may still not develop until late in the week. According to the closing report, the national hog base is $0.27 lower compared with the Prior Day settlement ($54.00-$59.50) weighted average $58.66.
The corn futures moved lower in light activity. December futures were 4 cents lower Tuesday. The Dow Jones Index is 48 points lower with the Nasdaq down 29 points.