Late-day pressure led lean hog contracts to close sharply lower with the August contract settling limit lower. Cattle markets were able to hold onto some buyer support, although hog market pressure is bleeding over to live cattle trade.
Cash cattle interest remains at a standstill with bids undeveloped at the end of the day Tuesday. The underlying support seen in deferred live cattle futures and feeder cattle markets is helping to sustain the outlook for some market stability at the end of the week. Asking prices are still poorly defined, but the numbers seen are developing at $116 and higher live basis and $185 dressed. It is expected that cash trade will not develop until later in the week with Friday trade a possibility.
According to the closing report, the national hog base is $0.08 lower compared with the Prior Day settlement ($69-$77, weighted average $76.36).
Corn futures are lower in light activity with July futures 6 cents lower Tuesday. The Dow Jones Index is 134 points higher with the Nasdaq up 2 points.