Light pressure developed in livestock markets late Wednesday following mixed trade. Cash cattle trade started to develop in most areas with prices steady to $2 per cwt lower.
Buyers attempted to step back into the livestock markets Wednesday, but were unable to push futures higher at closing bell. However, increased market stability was seen as traders focus on firming demand and the potential to build on previous support through the end of the week.
Cash cattle trade was slowly starting to develop Tuesday with morning trade in the South seen at $115 per cwt in Kansas and Texas. By the end of the afternoon, packers had reduced bids in some areas to $114 per cwt, but still gained limited trade volume. Limited Northern trade sold at $185 dressed basis, which may be enough to set the tone for the rest of the week. Generally, prices are steady on dressed trade and $1 to $2 per cwt lower live basis.
The National Daily Direct afternoon hog report was $1.56 lower ($72-$82.50, weighted average $79.27) on 7,055 head sold.
Corn futures posted moderate gains in light trade with July up 1/4 cent per bushel. The Dow Jones Index was 100 points lower with the Nasdaq down 34 points.