Lean hog contracts displayed a classic turnaround Tuesday with triple-digit losses giving back Monday’s triple-digit gains. Feeder cattle also had a volatile day, with the October contract up $3.10. October live cattle futures remain under $100 per cwt.
GENERAL COMMENTS:
No bids or asking prices are established yet this week in the cash cattle market, but whatever volume may develop on Wednesday will be benchmarked against last week’s numbers: Southern live trade at $99 to $100 and Northern dressed business mostly $159 to $160.
According to the closing report, the national hog base was $0.38 lower (weighted average $45.39).
Corn futures closed 6 cents per bushel lower alongside the geopolitical uncertainty and volatile pullback in crude oil (down $3.85 per barrel). The stock market gained 4 points in the S&P 500, and the index has inched back above 3,000.
