Live cattle and feeder cattle futures pulled back lower Wednesday. Deferred lean hog contracts for late 2019 posted notable gains (August up $2.650) for a second straight day.
Cash cattle trade remains undeveloped so far, with this week’s business getting pushed back to Thursday or later. A few bids for Northern cattle were noted at $180 per cwt, but there is still daylight between that bid number and the asking prices, seen at $184 plus in the North or $114 in the South.
According to the closing report, the national hog base was $0.64 higher ($56-$70, weighted average $67.60).
Corn futures inched 2 1/2 cents higher. The stock market hit another fresh record high Wednesday (S&P 500 briefly above 3,000) and closed higher, up 13 points on the S&P 500.