GENERAL COMMENTS
The cash cattle trade went untested Tuesday with neither bids nor asking prices evident. According to the closing report, the national hog base is $.79 lower ($62.00-66.00, weighted average $64.49). Corn futures just keep fading. Most issues lost another 2 cents plus thanks to lackluster buying interest. Equities closed generally higher with the Dow up 56 points and the Nasdaq better by 18.
LIVE CATTLE
Traders didn't waste much time proving that yesterday's rally was nothing but a dead cat bounce. Live contracts settled 92 to 227 lower, falling back toward the bottom of the lateral price range of late summer. October did manage to close slightly above its moving average low. But that really not much of an accomplishment to write home about. Beef cut-outs: significantly higher, up $.27 (choice, $191.77) to $2.17 (select, $190.79) with moderate to fairly good demand and moderate offerings (60 loads of choice cuts, 26 loads of select cuts, 15 loads of trimmings, 19 loads of ground beef).
WEDNESDAY'S CASH CATTLE CALL:
Steady to $2 lower. Look for cash potential to take on better definition at midweek, though significant trade volume may be delayed until Thursday
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