Strong nearby gains in lean hog futures have been offset by lack of overall direction in the cattle complex. This is helping to bring some stability to the cattle market, although long-term market direction remains uncertain.
Cash cattle trade remains undeveloped Monday following a traditional slow start to the week. Showlists remain generally smaller, which may help to spark additional buyer support later in the week. It is likely that bids may not be aggressive until midweek or later, especially given the lackluster moves in futures trade. According to the closing report, the national hog base is $0.70 higher compared with the Prior Day settlement ($62.00-$70.00, weighted average $67.58).
The corn trade turned lower in light activity. March futures posted a 1 1/2 cent loss Monday. The Dow Jones Index is 19 points lower with the Nasdaq down 3 points.