Livestock futures bounced back from early lows, but a lack of trade interest combined with aggressive gains at midday has led to uncertainty through the market. Continued outside market pressure is adding to the uncertainty.
Cash cattle trade is undeveloped at this point Thursday afternoon with packers showing more interest as the week has continued, but doing very little to improve bids so that feedlot managers may become more interested. Bids through the day remain at $168 to $170 per hundredweight (cwt) dressed basis and $106 per cwt live basis.
Asking prices have held at $175 and higher dressed basis and $111 to $112 per cwt live. At this point, it is likely that trade will be pushed off until midday Friday or later as traders focus on outside market direction and the potential to spark trade activity through nearby futures.
According to the closing report, the national hog base is $1.22 higher compared with the Prior Day settlement ($42-$53, weighted average $48.92).
Corn futures are lower in light activity with September futures closing 2 cents lower Wednesday. Dow Jones Index is 105 points higher with the Nasdaq up 44 points.