Despite initial follow-through pressure, buyers quickly moved back into the oversold market as traders covered recent short positions. This left triple-digit gains as limited resistance developed Monday.
Triple-digit gains in live cattle and lean hog futures at midmorning quickly changed the tone of the market. This added volume through the entire complex, allowing additional momentum to develop late in the day. Corn futures firmed in light Monday trade. July futures closed 1 3/4 cent per bushel higher. Dow Jones Index is 22 points higher with Nasdaq up 48 points.
Cash cattle activity is quiet with bids and asking prices unavailable. The limited trade last week may spark increased overall activity through the next couple of days, although the short-bought status of packers and firm futures prices should keep feedlot managers aggressive with cattle offered.
Showlists remain mixed with Kansas showing lighter numbers; increases seen in all other areas. National Daily Direct afternoon hog report is unavailable at this time.