Improved corn condition ratings, a mostly favorable weather outlook, are macro-economic uncertainties kept the grain markets under pressure in the overnight session after they lifted Tuesday in part due to a rebound in the U.S and Chinese stock markets.
Live cattle prices increased over the weekend, jumping 32 cents from $143.03 to $143.35. The increase brought the 27-day average price to $148.22. Feeder cattle prices did not fare so well, dropping 93 cents to $208.75, bringing the 27-day average price to $216.03.
Lean hog prices dropped 15 cents over the weekend to $77.53. The 27-day average price now rests at $76.97.
Corn prices dropped 20 cents from Friday to Monday to $3.73. Wheat prices saw no change.
Trade ministers from 12 Pacific Rim nations head to Hawaii this week to tackle the tough decisions needed to finalize a trade deal that will free up global commerce and set common standards for nearly half of the world's economy.
Live cattle prices saw no change from Thursday to Friday, resting at $143.35. Feeder cattle prices dropped slightly by 10 cents to hit $109.68. The 27-day average price now rests at $216.52. Lean hog prices dropped 60 cents from $78.28 to $77.68 on Friday, bringing the 27-day average price to $76.99.
Both corn and wheat dropped 10 cents on Friday to rest at $3.93 and $5.12, respectively.