Strong triple-digit losses in nearby feeder cattle futures were the main driver of the complex with most live cattle contracts edging lower even though active support redeveloped in stock markets. The limited activity focuses on the limited interest in market fundamentals at the end of the week.
From Friday to Friday livestock futures scored the following changes: Feb LC off $0.33; Apr LC off $2.50; Mar FC off $4.72; May FC off $3.45; Feb LH off $2.03; Apr LH off $4.70. Cash cattle trade has slowly developed through the afternoon Friday, although it is expected that more cattle will be traded before the end of the night.
Prices have been seen in the North and South with live basis prices at $125-to-$126 per cwt, with dressed deals seen at mostly $200 per cwt although the range is seen from $196 to $202 per cwt.
According to the closing report, the national hog base is $0.22 per cwt higher with an average price of $69.72 per cwt (trading range: $61.00-to-$72.50).
The corn futures are lower in light activity. March futures were 3 cents lower Friday. The Dow Jones Index is 330 points higher with the Nasdaq up 97 points.