Lean hog futures saw aggressive support Tuesday with the spot-month contract closing limit higher with $3 per cwt gains. This boosted momentum through the entire complex. Feeder cattle futures led the cattle markets higher Tuesday.
Strong underlying support moved into feeder cattle and lean hog futures Tuesday with triple-digit gains. October lean hog futures closed limit higher, so expanded trading limits will be available Wednesday in all lean hog futures. Corn futures tumbled lower in limited activity. December corn futures were 8 3/4 cent lower.
Stock markets were lower in moderate trade. The Dow Jones was 285 points lower with NASDAQ down 88 points. Cash cattle markets were quiet Tuesday morning after the long holiday weekend. This is causing some uncertainty given the early week rally in futures trade, which is expected to firm asking prices from feedlot managers. Bids are not expected until Wednesday or later, but even then a wide gap between asking prices and bids is likely. It could be late in the week before active cash cattle trade develops. National Daily Direct afternoon hog report is unreported at this time due to packer submission delays.