Lean hog contracts closed sharply higher, supported by bullish fundamentals and early week short-covering. The cattle complex slumped significantly lower, hammered by long liquidation and technical selling.
It was a typical “show and tell” session in feedlot country Monday with activity limited to the assessment of new showlists. This week’s fed offering looks generally larger, especially in Kansas and Nebraska. According to the closing report, the national hog base is .81 higher ($80.00-87.00, weighted average $85.44).
The corn market closed more than 8 cents lower, checked by a forecast for good growing weather. The stock market closed higher with the Dow up 144 points and the Nasdaq better by 87.