Lean hog futures saw triple-digit gains in nearby summer contracts Wednesday on expectations for strong global demand.
Support continued to build in the lean hog market midweek on expectations of stable hog supplies and strong global demand. Cattle futures remained mixed as support continued to erode in the feeder cattle market.
Cash cattle trade was seen through the South and some areas in eastern Nebraska at $117 per cwt live basis. This is $3 per cwt below week ago levels and is likely to have set the overall tone for the week, at least for live cattle trade. Asking prices remain at $120 live and $196 and higher dressed basis. Given the direction over the last month, trade in the South may be wrapped up for the week, but trade in the North is expected over the next couple of days.
The National Daily Direct afternoon hog report was $0.22 lower ($72-$85, weighted average $81.79) on 7,225 head sold.
Corn futures posted fractional gains in light trade with July up 3/4 cent per bushel. The Dow Jones Index was 151 points higher with Nasdaq up 92 points.