Triple-digit losses quickly develop across the livestock complex late Thursday following a bounce in grain markets. Cash cattle trade has moved higher as packers have returned to the market as they look to fulfill procurement needs for next week at higher price levels.
Cash cattle trade is starting to develop across most areas of cattle country with live trade seen at $111 per cwt developing and prices for dressed cattle paid of $175 per cwt. These markets are generally $2 per cwt higher than last week’s market levels.
Overall trade at this point remains light to moderate, and it is not determined if additional trade will develop at this point yet late afternoon Thursday, or if traders will wait until Friday and return to the market. According to the closing report, the national hog base is $0.75 higher compared with the Prior Day settlement ($52.00-$58.50) weighted average $54.89.
The corn futures moved higher in light activity. December futures were 3 cents higher Thursday. The Dow Jones Index is 32 points lower with the Nasdaq down 12 points.