With the exception of spot June, live cattle futures closed moderately higher, supported by a late round of profit-taking at the end of a week of aggressive selling and long-liquidation. Lean hog futures settled on a mixed basis with nearbys generally gaining on deferreds.
Although the cash cattle trade seemed quiet throughout Friday, mandatory price reporting identified light volume in several areas. Several thousand traded in Nebraska at mostly $200.00 — an amazing $18.00-$19.00 lower than last week’s weighted average. Furthermore, Kansas reported some business at $127.00, $10.00 lower than last week’s weighted average.
The National hog base closed up $0.75 compared with the Prior Day settlement ($79.00-$86.00, weighted average $84.72). From Friday to Friday livestock futures scored the following changes: Jun LC Off $9.55; Aug LC Off $5.68; Aug FC Off $6.30; Sep FC Off $6.27; Jul LH Off $0.38; Aug LH Off $2.93.
Corn futures closed roughly four cents higher in relatively light trade volume. The stock market closed mixed with the Dow off 24 and the NASDAQ off 13.