Livestock futures could not uncover solid support Monday. All cattle contracts closed lower, while lean hog futures closed mixed.
Livestock futures could not uncover solid support Monday. All cattle contracts closed lower, while lean hog futures closed mixed. Bids and offers have yet to be established with buyers waiting to see the showlists for the week. Feedlots may be waiting to see how aggressive buyers need to be before increasing offerings. Any help from futures for higher bids was a big disappointment Monday.
Mixed prices for boxed beef cutouts provided no support. Cattle could not even garner any interest in buying from the strength of some of the outside markets. Hogs showed some strong spreading activity between October and December with similar trading volume between the two contracts.
According to the National Daily Direct hog afternoon report, the national hog base is $0.13 higher ($44-$46, weighted average $48.08).
Corn futures gained 5 1/4 cents. The Dow Index closed 143 points lower with the NASDAQ down 23 points lower.