Cattle continue to wait for cash trade

Chicago Mercantile Exchange live cattle futures were mixed and feeders were up, with both pits watching the weak corn, while getting ready for widespread cash cattle business.

Boxed beef cutout values at midday were higher. Direct cash markets were fairly quiet, but packer inquiry is improving. Bids are $129 Live and $205 to $207 Dressed with asking prices around $133 to $134 South and $208 to $209 North.

Lean hog futures were lower, coming under continued fundamental pressure. Packers haven’t found much resistance to their lower bids lately, taking advantage of the ample market ready numbers and continued slow pork demand. Terminal trade was $2 lower to $2 higher.

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