Pressure quickly developed again in lean hog trade Wednesday with the April futures contract holding a $3.55-per-cwt loss in expanded trading limits. This further weakened the already bearish market as traders continued to liquidate positions during February.
Nearby hog futures saw sharp triple-digit losses Wednesday, while steady buying slowly developed in live cattle trade. By the end of the session, nearby lean hog futures had set new contract lows, while live cattle futures posted contract highs. Cash cattle remained sluggish with only a few cattle sold in Texas at $125 per cwt.
A wide gap exists between asking prices and bids, as both sides seem to be in no hurry. Bids through most of the country were seen at $123 live and $198 dressed, well below the $128 live and $205 and higher dressed asking prices. It may be Friday before active trade develops in all areas.
The National Daily Direct afternoon hog report was $0.28 lower ($44-$49, weighted average $47.90) on 8,217 head sold.
Corn futures were higher in light activity with March up 1 cent per bushel. The Dow Jones Index was 63 points higher with the Nasdaq up 2 points.