The cattle complex closed moderately lower, pressured by a combination of long liquidation and late-week technical-selling. On the other hand, lean hog futures settled narrowly mixed on light trade volume.
Late-week business in the cash cattle trade was limited to scattered sales at prices near steady with Tuesday. The action was mostly cleanup in nature with some buyers unwilling to raise bids and some sellers unwilling to lower asking prices. The National hog base closed off $1.31 compared with the Prior Day settlement ($53-$58.50, weighted average $57.26).
From Friday to Friday, livestock futures scored the following changes: Apr LC off $1.87; Jun LC off $2.55; Mar FC off $2.55; May FC off $3.70; Apr LH off $2.40; May LH up $0.75.
Corn futures closed 4 cents lower, pressured by worries that official export expectations for the marketing year may be overstated. The stock market closed generally higher with the Dow up 72 points and the Nasdaq near unchanged.