Most lean hog futures closed sharply lower with Feb through June off triple digits. On the other hand, live cattle issues settled moderately lower with the feeder counterparts mixed.
Activity in feedlot country was restricted to the distribution of new showlists. This week’s offering looks mixed, larger in Kansas and Colorado, but smaller in Nebraska and Texas. Overall, ready cattle numbers look tighter than last week. According to the closing report, the national hog base is $0.07 lower ($52-$59.20, weighted average $58.92).
Corn futures closed 3 cents-plus lower, checked by the same old supply blues and a general lack of buying interest. The stock market finished higher with the Dow up 56 points and Nasdaq better by 35.