The cattle complex closed lower on Thursday, though live contracts fell significantly hard than their feeder counterparts. Lean hog issues closed narrowly in light trade volume.
The cash cattle trade Thursday was a non-event with buyers apparently content with the trade volume generated on Wednesday. According to the closing report, the national hog base is $0.48 lower ($75.00-$80.50, weighted average $78.50).
The new supply and demand table for corn turned out to be bearish (e.g., 14.153 billion bushes estimated for new production with a BPA yield of 169-lower than 2016, but a good deal above trade guesses). The grain market quickly turned defensive with Sep-Mar corn futures settling 15 cents lower.