Active gains in most commodity and financial markets Wednesday sparked renewed interest in cattle futures. Hog contracts continued to post light to moderate losses as traders continue to adjust positions following outside market shifts and upcoming cattle and hog reports.
Triple-digit gains in deferred cattle futures helped rekindle positive long-term market support through the live cattle and feeder cattle complex. Although the market remains generally fragile following recent losses, strong support in outside markets helped stimulate moderate buying support in nearby and deferred futures.
Lean hog futures continue to shift lower as traders slowly back away from last week’s rally. Hog prices moved lower on the National Direct Afternoon Hog Report in light trade, falling $0.98 with a weighted average of $77.16 on 4,635 head.
December corn is up 8 1/2 cents per bushel and December soybean meal is unchanged. The Dow Jones Industrial Average is up 476 points and NASDAQ is up 192 points.