For the most part, feeder cattle futures scored triple-digit gains, supported by short-covering and lower action in the corn trade. Lean hog contracts settled on a mixed basis with summer months advancing on deferreds.
Moderate trade volume surfaced in Kansas and Texas Thursday with most live sales marked at $134, $3.50 to $4 lower than last week. Yet business is the North was little better than scattered, as many feedlot managers dug in with higher asking prices. According to the closing report, the national hog base is .81 lower ($67.00-72.00, weighted average $70.62).
The corn market generally faltered by a nickel, pressured by sharply lower action in the bean trade. Wall Street managed to rebound Thursday with the Dow closing 56 points higher and the Nasdaq up 43.