Hog futures closed sharply lower with October and December taking most of the bearish punishment. The cattle complex also settled under selling pressure with live contracts generally losing ground to their feeder counterparts.
GENERAL COMMENTS
The cash cattle trade remained at a standstill Tuesday with neither bids nor asking prices well defined. The national hog base is $1.11 lower ($52.00-$56.50, weighted average $55.88).
Corn futures sagged 5-6 cents, pressured higher than expected yield and production estimates released by the World Board earlier in the day. The Dow and Nasdaq closed at record highs, up 61 points and 22 points respectively.
