After a rough opening based on the bearish on feed report released late last week, cattle futures recovered to close mixed in the live market, and only modestly lower in the feeder trade. Nearby lean hog futures closed under pressure while their deferred counterparts finished near steady.
Feedlot country was a naturally a slow affair as buyers focused exclusively on the collection of new showlists. The late month offering looks generally smaller than last week, especially in the South. According to the closing report, the national hog base is $.39 higher ($60.00-$66.50, weighted average $64.85).
The corn market stepped into the new week with confidence for once, closing 6 cents plus lower thanks to short covering and commercial buying. The stock market closed lower with the Dow off 54 points and the Nasdaq down by 42.