Aggressive support developed through the complex Monday with traders focusing on triple-digit gains in cattle and hog futures. Fundamentals are still uncertain.
Cash cattle activity Monday was quiet with bids and asking prices undeveloped. Following the sluggish cash cattle trade that developed late Friday, there is an expectation packers will need to become more aggressive in the near future. But both sides have been in this position many times and this is not a sure bet to spark active trade earlier than the end of the week.
According to the closing report, the national hog base is $0.60 per cwt lower with an average price of $68.88 per cwt (trading range: $61.00-$70.50).
Corn futures are higher on light activity. March futures were 4 cents higher Monday. The Dow Jones Index is 410 points higher with the Nasdaq up 107 points.