Following early weakness Monday, late-day support moved into the hog market, keeping futures from reaching long-term lows. Meanwhile, live cattle futures continued to set new contract highs.
Cattle markets saw firm buying activity Monday. Late-day buying in all contract months also seemed to stop the bleeding in the lean hog market just enough to keep the April contract from closing at contact lows. Cash cattle activity followed the normal Monday routine with asking prices and bids unavailable and likely to remain quiet until midweek or later. Showlists seem to be generally smaller with increased offerings in Colorado, while all other areas are posting smaller lists of market-ready cattle.
The National Daily Direct afternoon hog report was $0.50 lower ($45-$49.50, weighted average $48.88) on 7,523 head sold.
Corn futures were lower in light activity with the March contract down 1 1/4 cents. The Dow Jones Index was 53 points lower with Nasdaq up 9 points.