The cattle complex closed higher to end the week, supported by short-covering and pre-weekend profit-taking. On the other hand, lean hog contracts settled on a mixed basis with nearbys outperforming deferreds.
The cash cattle trade was not tested Friday with most of the trade volume accomplished on Wednesday. Given somewhat limited trade volume totals, we could see a fairly large carryover factor affecting the size of next week’s showlists. The National hog base closed off $0.67 compared with the prior day settlement ($73-$79.50, weighted average $77.85).
From Friday to Friday, livestock futures scored the following changes: Aug LC Off $5.73; Oct LC Off $6.70; Aug FC Off $8.18; Sep FC Off $8.63; Aug LH Up $1.43; Oct LH Up $1.85.
Corn futures closed 3 to 4 cents higher, supported by short-covering and light trade volume. The stock market closed generally higher with the Dow up 14 and the Nasdaq positive 39.