No cash cattle trade noted so far, but basis is expected to be strong when trade does develop. According to the closing report, the Iowa hog base closed 2.96 higher compared with the Prior Day settlement ($74.00-$91.00, weighted average $90.42). The corn market closed mostly higher, up 1 to 3 1/2. The nearby May contract was 2 1/4 lower.
Futures closed lower, down 25 to 50. Early support in live cattle futures was unable to hold Tuesday as traders continue to question short- and long-term beef demand growth potential. June futures led the nearby ...