Early interest flooded into livestock trade Tuesday, with futures posting sharp gains. Limited buyer activity allowed for prices to pull back from early gains, but most contracts shifted higher.
Livestock futures quickly rebounded Tuesday with traders focusing on increased underlying short-term fundamental support. Following early triple-digit gains, markets cooled as limited pressure started to trickle into all markets, eroding early support and leaving prices mixed in both cattle and hog futures.
Cash cattle trade remains undeveloped with asking prices and bids still unavailable. This is likely to push most cash trade until the end of the week with limited activity expected from packers until late Wednesday at the earliest.
According to the closing report, the national hog base is $0.29 lower ($47-$53, weighted average of $51.46).
Corn futures were lower in light activity with the March futures contract ending 7 cents lower. The Dow Jones Index closed 155 points higher with the Nasdaq up 117 points.