The cattle complex settled generally lower with triple-digit losses evident in the feeder market. Although lean hog futures finished on a mixed basis, most trading interest seemed to be interested in pressuring nearby issues.
Market watchers had to be patient this week, but the cash cattle trade finally developed late Friday afternoon with packers paying more for short-term slaughter needs. Live sales in the South are mostly marked at $123, $3 higher than last week. Most dressed sales in the North were marked at $195, $3 higher than last week’s weighted average basis Nebraska. The National hog base closed off $0.35 compared with the Prior Day settlement ($62-$71.50, weighted average $69.36).
From Friday to Friday, livestock futures scored the following changes: Feb LC up $4.53; Apr LC up $3.27; Jan FC up $3.60; Mar FC up $2.95; Feb LH up $0.50; Apr LH up $1.18.
Corn futures closed generally a penny higher, modestly firming from the lows set last week. The stock market settled higher with the Dow off 53 and the Nasdaq better by 40.