Live and feeder contracts surged sharply higher, spurred by cash premiums and technical buying. Summer lean hog issues were pressured by the announcement of Mexican tariffs on U.S. pork legs and shoulders.
Cash cattle traders just tried to stay out of the heat Tuesday with just a few bids identified under the hot early summer sun. A few bids were noted at $107 live in parts of the South and $177-$178 dressed in parts of the North. A few asking prices were suggested around $114-$115 live and $183 plus dressed.
According to the closing report, the national hog base is $0.79 higher ($64-$73, weighted average $71.21).
The corn market staged a moderate recovery from Monday’s crash, closing 3 cents plus higher thanks to short-covering and reports of dry conditions in Brazil and China. The stock market closed mixed with the Dow off 13 and the Nasdaq up 31.