Strong support developing in outside markets sparked increased underlying strength in early futures trade. Lean hog futures led the complex higher as traders refocus on domestic demand and potential long-term growth in the pork complex.
Firm, late-day gains held in lean hog futures based on underlying outside market support and increased commercial buyer activity moving back into the market. Cattle futures held early gains, but eroded near closing bell as traders focus on uncertain demand through late 2019.
Light cash cattle trade developed in parts of Nebraska at $106 per cwt live basis. The amount of cattle reported sold is not enough to establish a good trend for the weekly market, but it did get the ball rolling. Most trade will be delayed until Thursday or Friday, although both sides desire to wrap things up sooner than later with the long holiday weekend approaching. Limited bids in Texas at $101 per cwt live basis and $175 dressed basis in the North. Asking prices have not deviated from early week levels at $108 in the South and $178 to $180 in the North.
National Daily Direct afternoon hog report is $1.52 lower with a weighted average of $60.33 per cwt. Full range of $52 to $63.00 per cwt on 6,075 head sold.
December corn futures closed 4 3/4 cents lower. Stock markets are higher in moderate trade. Dow Jones is 236 points higher with NASDAQ up 29 points.