Livestock futures managed to hold on to mild gains across the board Wednesday. Daily trading volume was low by recent standards, perhaps while fund traders were waiting for the Federal Reserve’s second rate-cut decision this year (amid economic concerns), which hasn’t been met with much enthusiasm by the stock market.
A couple nuggets of light trade have been reported Wednesday in Texas at $101, which is $2 higher than last week’s weighted average, although it’s hard to say whether this will represent the start of a real recovery trend in cash cattle prices. More trade volume on Thursday or Friday will help address that question. Asking prices are around $103 plus in the South and $167 to $170 in the North.
According to the closing report, the national hog base was $0.29 lower (weighted average $44.80).
Corn futures closed 3 1/4 cents higher. Crude oil continues to pull back (down $1.10 per barrel). The stock market is near unchanged in the S&P 500, and that index remains above 3,000.