Lean hog futures closed lower with nearby contracts suffering triple-digit losses. The cattle complex closed substantially higher, supported by greater packer spending in the country and technical-buying.
Moderate trade volume developed in most areas of feedlot country Friday as producers responded to higher packer bids. Most live business in the South was marked at $108, $2 higher. Dressed deals in the North were primarily marked at $170, about $3.50 higher than last week’s weighted average basis Nebraska. Live business in parts of Nebraska and Iowa ranged from $108.50-$109.50, $2.50-$3.50 higher than last week’s weighted average basis Nebraska.
The national hog base closed off $0.15 compared with the Prior Day settlement ($43-$50.50, weighted average $48.70). From Friday to Friday, livestock futures scored the following changes: Oct LC up $3.82; Dec LC up $4.60; Sep FC up $3.18; Oct FC up $5.45; Oct LH off $5.27; Dec LH off $1.85. C
orn futures closed 3 cents higher with spillover support from the bean market. The stock market closed mixed with the Dow off 9 and the NASDAQ up 4.