The cattle complex settled mixed in the live market and moderately higher in the feeder trade. With slight progress recorded by spot February, most lean issues finished modestly lower.
Light cash cattle activity Tuesday surfaced in most area with some live biz marked at $126, roughly $1 lower than last week’s weighted averages. Such unusual early week business seemed to be prompted by attractive basis opportunities. According to the closing report, the national hog base is $0.18 higher ($62-$71, weighted average $69.34).
Corn futures closed nearly 3 cents higher with spot March hitting the best close in two months. Dry conditions in Argentina as well as spillover strength from K.C. wheat and beans were given much of the credit. Spook in part by the fear of rising interest rates, the stock market took it on the chin with the Dow closing 362 points lower and the Nasdaq losing 64.