Moderate pressure developed in live cattle trade Wednesday with futures pulling back from recent highs as traders continued to adjust positions.
Firm pressure developed in nearby lean hog contracts Wednesday. The April contract pulled back from early week gains, settling down 55 cents. Light-to-moderate pressure developed throughout the cattle trade, although the tone of the market remains firm at this point.
Cash cattle trade remained elusive, though bids have become slightly more available Wednesday. Live bids are seen at $122 in Texas, while dressed bids in the North are seen at $200 per cwt. This is still a long way from firm asking prices of $126 to $127 live and $203 to $205 dressed. Trade is not expected until closer to the end of the week.
The National Daily Direct afternoon hog report was $0.18 higher ($44.50 to $48.78, weighted average) on 11,630 head sold.
Corn futures were higher in light activity with March futures up 1/4 cent. The Dow Jones Index was 117 points higher with the Nasdaq up 5 points.