Livestock futures saw strong support early Tuesday, but trade turned mixed later in the day. Deferred futures held onto gains, but nearby lean hog and live cattle futures closed lower.
Live cattle and lean hog futures saw strong support early Tuesday, but pressure developed in nearby contracts later in the day as traders covered positions. A pullback in grain futures helped spark interest in feeder cattle and led to strong gains in deferred live cattle and hog futures.
Cash cattle trade remains undeveloped Tuesday afternoon with only limited bids. Bids are seen at $109 live and $175 dressed. Asking prices are still well above these levels at $112 to $115 live and $185 and higher dressed. It is uncertain if trade will develop Wednesday, or if feeders will hold out until later in the week.
The National Daily Direct afternoon hog report was $0.46 lower ($67-$78 per cwt, weighted average $75.68) on 15,735 head sold.
Corn futures shifted lower Tuesday with July down 5 cents per bushel. The Dow Jones Index was 353 points higher with the NASDAQ up 108 points.