Strong gains developed in all cattle trade, pushing nearby contracts through short-term resistance levels. This additional buyer activity may help to spark some underlying long-term moves over the next couple of weeks.
It appears cash cattle trade won’t develop until Friday unless something breaks loose late Thursday night. Bids were seen once again during the day Thursday, but packers are not willing to venture out of the current range seen over the last few days. Live bids are seen at $124 per cwt with dressed bids holding at $198 per cwt.
This still is a world away from asking prices, which are at $128 to $130 per cwt live basis and $205 and higher dressed. It is likely to be late Friday at this point before business gets done.
According to the closing report, the national hog base is $1 lower compared with the Prior Day settlement ($60-$67) weighted average $65.79.
The corn futures are higher in light activity. March futures were 1/4 cent higher Thursday. The Dow Jones Index is 306 points higher with the Nasdaq up 112 points.