Expectations for strong domestic and export markets helped push hog futures triple digits higher Monday.
Early softness in lean hog futures Monday gave way to triple-digit gains by closing bell. Despite not expanding trading limits, the April futures contract was up $2.22 per cwt to close above $71 per cwt. Mixed cattle trade left many traders unsettled, but the ability for most contracts to advance higher helped to spark some underlying support. Cash markets were undeveloped with new showlists generally mixed. Numbers were steady to lower everywhere but Texas. Asking prices and bids are not expected to develop until midweek or later.
The National Daily Direct afternoon hog report was $1.81 higher ($48-$58.50, weighted average $55.73) on 7,963 head sold.
Corn futures were lower in light activity with May down 1 3/4 cents per bushel. The Dow Jones Index was 69 points higher with the Nasdaq up 28 points.