The cattle complex closed moderately higher, supported by late-week short-covering and signs of feedlot cash stability. Lean hog issues also settled on a firm basis thanks to stronger cash sales and strengthening carcass values.
The cash cattle trade developed Friday afternoon with moderate volume in most areas, live and dressed sales were fully steady with last week (i.e., $111 in the South; $175/$111 in the North). The National hog base closed up $0.88 compared with the Prior Day settlement ($60.00-$66.50, weighted average $64.37). From Friday to Friday livestock futures scored the following changes: Oct LC off $1.15; Dec LC off $0.52; Oct FC off $0.43. Nov FC off $1.93; Oct LH up $2.65; Dec LH up $1.65.
Corn futures closed .04 cents plus lower, pressured by typical harvest pressure and isolated stories of better than expected yields. The stock market closed significantly higher with the Dow setting another record high. Talk of tax reform progress in the Senate seemed to be a positive factor with the Dow advancing 165 points and the NASDAQ gaining 23.