A lack of volume from early buyer support caused nearby livestock contracts to erode late Wednesday. Feeder cattle futures were able to hang onto higher prices, but markets remained well below session highs due to limited buyer interest late in the day.
Cash cattle interest remains generally sluggish, although a few bids have developed through the day in all areas. Live bids of $120 per hundredweight (cwt) were seen across the South with dressed bids of $195 and higher in Nebraska. At this point, asking prices are still poorly defined in the North and seen at $125 and higher in the South. This could easily delay trade until late Thursday or Friday sometime. According to the closing report, the national hog base is $0.18 higher compared with the Prior Day settlement ($51-$60.50, weighted average $59.06).
May corn futures closed 3/4 cent lower Wednesday. The Dow Jones Index was 152 points lower with the Nasdaq down 14 points.