Lean hog futures closed sharply higher thanks to aggressive short-covering and technical-buying. The cattle complex settled solidly higher with feeder issues outperforming their live counterparts.
Feedlot country didn’t make much noise Wednesday with both sides looking toward the board for short-term direction. A few bids of $118 were reported in parts of the North. Some asking prices were suggested around $122-$123 in the South and $195-plus in the North. According to the closing report, the national hog base is $0.10 higher ($62-$71.50, weighted average $69.93).
Corn futures closed several cents higher despite the ongoing dearth of bullish news. The stock market suffered a big reversal, breaking from early session highs to close lower. The Dow settled off 10 points, more than 280 below the highs of the day. The Nasdaq finished 37 points in the red.