Strong pressure developed throughout the cattle trade Tuesday. Hog futures were mixed, following limited trade activity.
Sharp losses in cattle futures quickly stole the attention of the entire livestock trade Tuesday morning. Early support in lean hog futures was minimized as traders continued to focus on increased outside market pressure. This is leading to questions about sustained buyer support in pork and beef cuts affecting long-term market direction.
Cash cattle interest remains at a standstill with asking prices and bids still unavailable and likely to remain that way until midweek or later. The sluggish activity Monday will likely delay cash cattle trade until late in the week.
According to the closing report, the national hog base is $0.15 lower ($46-$53.50, weighted average $52.20).
Corn futures were lower in light activity, with March closing 2 3/4 cents lower. The Dow Jones Index was 405 points lower with Nasdaq down 150 points.