Active buying support flooded into most cattle futures contracts Wednesday. Feeder cattle futures posted limit gains in the August contract, helping to spark additional potential momentum through the end of the week.
Livestock futures turned the corner from aggressive early week losses as buyers quickly and boldly moved back into all markets. Despite light pressure in nearby live cattle contracts, the cattle market responded with active gains. August feeder cattle closed limit higher, sparking another session of expanded trading limits Thursday.
Limited cash trade was reported Wednesday in the South at $105 per cwt. This is generally $5 per cwt lower than last week. A few bids in Nebraska at $105 live and $169 to $170 dressed, with a few $170 bids in Iowa. Asking prices are still somewhat hard to pinpoint, but the few reported appear to be around $185 dressed and $108 live in the North. More active trade is expected to be delayed until Thursday or Friday.
National Daily Direct afternoon hog report is $0.56 lower with a weighted average of $69.47 per cwt. Full range of $61 to $73 per cwt on 13,356 head sold.
Corn futures continued to shift lower in late-day pressure. September corn futures are 7 cents lower. Stock markets are sharply lower in active trade. Dow Jones is 756 points lower with NASDAQ down 236 points.