Moderate market shifts developed in cattle trade Tuesday as traders try to pull back from early week support, but are still unwilling to fully liquidate positions similar to losses which developed late last week. Hog markets are mixed to mostly lower as widespread trade weakness continues.
Cash cattle interest has been undeveloped Tuesday with traders unable to bring additional bids or asking prices to the table so far this week. This could easily delay trade until late in the week even though packers appear to be short bought. According to the closing report, the national hog base is $1.15 per cwt lower with an average price of $67.76 per cwt (trading range: $61.00-to-$69.00).
The corn futures are lower in light activity. March futures were 1/4 cent lower Tuesday. The Dow Jones Index is 39 points higher with the Nasdaq up 31 points.