Buyer support solidified in nearby live cattle futures with April contracts gaining 90 cents per hundredweight following a strong week-long rally in the complex. This has continued to build underlying support in all cattle trade.
Cash cattle trade remains undeveloped with very little interest seen by either side. At this point, bids and asking prices are poorly defined. That being said, there were a few bids starting to develop in the North at $190 per hundredweight (cwt) dressed basis. It is expected that feeders will aggressively price cattle as they expect the recent shift higher in futures trade to confirm the higher prices. But this could easily push trade into Thursday or Friday sometime as both sides feel they have adequate justification for their own cases.
According to the closing report, the national hog base is $1.19 higher compared with the Prior Day settlement ($45.00-$54.50, weighted average $51.96).
Corn futures were lower in light activity with the May futures contract down 2 cents. The Dow Jones Index is 255 points higher with the Nasdaq up 135 points.