Sharp losses developed in nearby feeder cattle trade, sparking additional softness through the entire cattle complex. This could lead to additional liquidation through the next couple of weeks.
A bearish market tone swept through feeder cattle futures trade Thursday, which have been struggling to keep up with the strong moves in the live cattle complex all week. January feeder cattle futures posted aggressive triple-digit losses, sparking underlying pressure in all cattle trade. Hog markets tried to stabilize Thursday, although most contracts eroded late in the trading session.
Cash cattle activity remains in slow gear with just a few bids redeveloping at $197 dressed basis in Nebraska. Asking prices are more evident, but getting little to no attention at this point. Cattle are prices at $128 and higher live, and $200 to $203 dressed. Trade is expected to hold off until Friday at this point.
According to the closing report, the national hog base is $0.33 lower ($46-$53, weighted average of $51.44).
Corn futures are higher in light activity. March futures were 6 cents higher. Dow Jones Index is 142 points higher with Nasdaq up 44 points.