Lean hog futures closed lower with nearby contracts losing ground on deferreds. The cattle complex settled mostly lower, fading from early session progress thanks to long liquidation and profit taking.
Cash cattle trading was a non-event Tuesday with both bids and asking prices poorly defined (a few showlists in the South were priced around $125). According to the closing report, the national hog base is .23 higher ($53.50-to-$59.00, weighted average $57.96).
Corn futures climbed several cents higher, supported in part by rebounding wheat prices. The stock market took it on the chin again Tuesday as investors continue to stew over the prospects for higher interest rates. The Dow closed as much as 424 points lower with the Nasdaq off 121.