Strong gains quickly developed in all livestock trade with cattle and hog futures holding triple-digit gains in nearby contract months. This is helping to calm some fears that additional weakness may trickle through the market in the near-term.
Cash cattle trade is still undeveloped, although packer interest has improved through the day Wednesday. Bids are seen at $168 to $170 per cwt dressed basis, although most bids are at $168 per cwt dressed. Live bids are holding at $106 per cwt. Asking prices are seen at $175 and higher dressed basis and $111 to $112 per cwt live. Trade is likely to be pushed off until sometime late Thursday or Friday, although some deals may trickle in through the evening Wednesday.
According to the closing report, the national hog base is $1.46 higher compared with the Prior Day settlement ($40.00 to $50.00) weighted average $47.48.
Corn futures are lower in light activity. September futures were 13 cents lower Wednesday. Dow Jones Index is 2 points lower with Nasdaq down 37 points.