For the most part, lean hog futures closed significantly lower with August through February suffering triple-digit losses. On the other hand, the cattle complex settled solidly higher with triple-digit gains dominating the feeder market.
Given moderate trade volume on Wednesday and Thursday, cattle buyers didn’t find it necessary to do much shopping Friday. Besides a few scattered sales in several states, the late-week trade was pretty much at a standstill. The National hog base closed off $0.40 compared with the Prior Day settlement ($81.00-$87.50, weighted average $86.40).
From Friday to Friday livestock futures scored the following changes: Aug LC Up $3.03; Oct LC up $4.75; Aug FC Up $9.25; Sep FC Up $9.05; Jul LH Up $0.88; Aug LH Off $3.32.
Corn futures closed generally six cents higher, supported by late week profit-taking and general production uncertainty. The stock market closed higher with the Dow off 84 points and the NASDAQ better by 38.