Strong early losses in feeder cattle futres slowly but steadily eroded through the session with traders adjusting from Friday’s market swings. Limited market direction developed in all livestock futures as cattle pressure was offset by moderate hog market gains.
Cattle futures posted moderate losses in most contracts with feeder cattle closing 70 to 80 cents per cwt. Although late-day market shifts cut initial pressure in half, the weaker tone and lack of follow-through buyer interest from Friday’s rally is causing traders to pause and wait for additional information later in the week.
Hog futures remain mixed as limited buying was driven from deferred contracts and the focus is on long-term demand growth.
Corn futures posted moderate gains in light trade. July futures added 5 3/4 cents per bushel. Dow Jones Index is 84 points lower with Nasdaq down 105 points.