Limited activity developed late in the day across cattle markets, pushing prices higher and attempting to bring some stability to the market following Monday’s losses.
Cash cattle trade is generally undeveloped with just a few token bids slipping into northern areas of $172 to $174 per hundredweight (cwt) in both Nebraska and Iowa. Asking prices are yet to be developed, as well as bids in southern cattle country. It is likely to be Wednesday or later when active bids and asking prices are seen and later in the week when actual trade develops.
According to the closing report, the national hog base is $1.90 higher compared with the Prior Day settlement ($54-$64.50, weighted average $62.50).
Corn futures were higher in light activity with the September futures contract closing 3 cents higher. The Dow Jones Index is 58 points lower with Nasdaq up 14 points.