Nearby hog contracts advanced by triple digits, supported by improving fundamentals and technical buying. The cattle complex settled solidly lower with feeders losing ground to their live counterparts.
GENERAL COMMENTS:
The cash cattle trade remained untested Tuesday with both buyers and sellers too dismayed by slumping futures to say much. Some showlists were prices around $120-$122 on a live basis and $192-$194 dressed. Significant trade volume could be delayed until Thursday or Friday. According to the closing report, the national hog base is $1.63 higher ($60.00-$67.50, weighted average $65.58).
Corn futures settled about 2 cents higher with no particular feature evident. The stock market closed mostly lower with the Dow off 107 points and the Nasdaq up 1.
