Late-week support moved into the cash cattle complex, pushing prices $4 to $5 per cwt higher than last week. This building support continues to affect the rest of the market, pushing front-month live cattle futures higher Friday. Markets will remain closed Monday and reopen Tuesday morning.
From Friday to Friday, livestock futures scored the following changes: Feb LC up $3.58; Apr LC up $4.03; Mar FC up $3.52; May FC up $4.50; Apr LH off $0.70; May LH up $0.15. Cash cattle trade quickly developed mid to late afternoon Friday with trade seen at $129 to $130 live basis, which is $4 per cwt higher than last week.
Dressed trade was seen at $205 per cwt, which is a $5 per cwt rally over last week’s average. Although it appears that trade is done for the week, it is likely that overall numbers of sales and amount of cattle sold will likely continue to trickle in after the fact through the rest of the afternoon and evening.
According to the closing report, the national hog base is $0.95 lower compared with the Prior Day settlement ($59-$66) weighted average $64.82.
The corn futures are lower in light activity. March futures were 1/4 cent lower Friday. The Dow Jones Index is 16 points higher with the Nasdaq down 14 points.