Sharp late-day support pushed nearby futures to limit gains in live cattle and feeder cattle trade. The underlying support seen in the cattle market is likely to spark additional buyer support late in the week.
Cash cattle markets remain undeveloped late Tuesday with bids still unavailable. Asking prices at this point are still hard to find, and likely to be revisited given the sharp rally in futures trade. It is likely that cash trade will be higher given futures are able to hold. But by how much is still uncertain. According to the closing report, the national hog base is $2.28 higher compared with the Prior Day settlement ($53.75-$61.25, weighted average $58.66).
The corn trade slipped lower in light activity. March futures posted a 1-cent loss Tuesday. The Dow Jones Index is 32 points lower with the Nasdaq up 20 points.