Sharp triple-digit losses that developed in nearby feeder cattle futures quickly took any focus off the potential to stabilize the cattle complex Tuesday. This caused widespread pressure. Hog futures posted sharp losses with limited overall interest developing.
Cash cattle markets remain generally undeveloped, although there are a few token bids in the South at $114 to $116 per cwt, while Northern dressed bids are seen at $187 per cwt. The pressure in futures trade is making feeders nervous, although it appears most will hold out until later in the week. Asking prices are still hard to define, although a few live asking prices are seen around $121 per cwt. This may spark some midweek interest.
According to the closing report, the national hog base is $0.29 higher compared with the Prior Day settlement ($54.00-$60.50) weighted average $59.43.
The corn futures moved higher in light activity. December futures were 1/4 cent higher Tuesday. The Dow Jones Index is 109 points lower with the Nasdaq down 13 points.