Feeder cattle futures moved limit higher Wednesday, leading to triple-digit gains in all cattle futures. This bounce off of recent lows may be the trigger traders have been looking for to break away from the weaker pattern.
Buyers flooded into the cattle trade Wednesday, pushing futures higher. Feeder cattle futures led the complex higher with the August contract closing limit up. Hog futures remained mixed in limited trade. Cash cattle interest was at a standstill Wednesday with a few bids still seen from the morning at $107 live and $174 to $175 dressed basis. Packers may purchase fewer cattle next week due to the holiday on Thursday. That being said, at least light trade is expected in all areas over the next two days, although shifts in market direction are not likely.
The National Daily Direct afternoon hog report is $1.39 lower than the prior day settlement ($62-$74.50, weighted average $70.68) on 8,441 head sold.
Corn futures ended lower Wednesday in limited trade with July down 4 1/4 cents. The Dow Jones Index was 11 points lower with the NASDAQ up 25 points.