Even though the market is still skeptical of what the week will do, it helped the cattle market’s morale to have modest support in the live and feeder cattle contracts.
Both the live and feeder cattle contracts were able to slip through the day’s close with modest gains, while the lean hog contracts crumbled in their nearby contracts. Looking to Wednesday’s trade, the market will be eager to see if there’s much interest in the Fed Cattle Exchange as feedlots are ready for stronger cash cattle prices. Hog prices closed higher on the National Direct Afternoon Hog report, up $2.28 with a weighted average of $80.93 on 9,515 head. May corn is up 6 3/4 cents per bushel and May soybean meal is up $3.40. The Dow Jones Industrial Average is down 143.99 points and NASDAQ is down 230.04 points.