Nearby lean hog futures closed moderately higher, supported by bull-spreading and ideas of improving fundamentals through the early summer. The cattle complex settled solidly higher thanks to late-week short-covering and technical-buying.
The cash cattle trade was not tested Friday with buyers and sellers content with trade volume generated on Wednesday and Thursday. The national hog base closed up $0.23 compared with the Prior Day settlement ($66.00-$72.00, weighted average $70.86). From Friday to Friday, livestock futures scored the following changes: Jun LC Off $1.72; Aug LC Off $0.72; May FC Off $1.20; Aug FC Off $1.37; Jun LH Up $1.55; Jul LH Up $1.57.
Corn futures closed generally 6 cents higher, supported by commercial buying and fears of late planting delays due to rainy forecasts. The stock market closed higher with the Dow off 141 and the Nasdaq better by 28.