Lean hog contracts displayed a classic turnaround Tuesday with triple-digit losses giving back Monday’s triple-digit gains. Feeder cattle also had a volatile day, with the October contract up $3.10. October live cattle futures remain under $100 per cwt.
No bids or asking prices are established yet this week in the cash cattle market, but whatever volume may develop on Wednesday will be benchmarked against last week’s numbers: Southern live trade at $99 to $100 and Northern dressed business mostly $159 to $160.
According to the closing report, the national hog base was $0.38 lower (weighted average $45.39).
Corn futures closed 6 cents per bushel lower alongside the geopolitical uncertainty and volatile pullback in crude oil (down $3.85 per barrel). The stock market gained 4 points in the S&P 500, and the index has inched back above 3,000.