Live and feeder contracts closed with significant gains thanks to aggressive short-covering and the technical correction of oversold charts. Conversely, lean hog futures closed sharply lower, pressured by building threats of a trade war with China.
The cash cattle trade was very quiet through the day with business for the week essentially completed at midweek. According to the closing report, the Iowa hog base closed $1.17 lower compared with the prior day settlement ($50-$55, weighted average $53.97).
Corn futures closed a penny-plus higher with no particular trading feature evident. The stock market tanked as trade war fears with China escalated. The Dow imploded by 724 points, and the Nasdaq crashed by 178.