Movement in the hog complex stole the attention of most traders with triple-digit gains seen across the market. This is adding even more support to the entire hog market even though prices quickly backed away from session highs at the end of the trading day.
Cash cattle activity remains undeveloped Tuesday. Packers and feedlot managers are likely off to a slow start for the week given no markets to base initial expectations on due to the markets being closed Monday. Cash trade is likely to be pushed off to the second half of the week and could develop sometime Thursday or Friday. There is growing support for market firmness, although the lack of futures support will make it a hard sell over the coming days.
According to the closing report, the national hog base is $0.15 lower compared with the Prior Day settlement ($58-$65) weighted average $64.29.
Corn futures were lower in light activity. March futures were 2 cents lower Monday. The Dow Jones Index is 195 points lower with the Nasdaq up 20 points.