After opening higher on signs of greater packer spending in the country, live cattle futures turned over near midsession and closed with triple-digit losses. Lean hog contracts settled moderately lower for the most part, checked by profit-taking and spillover selling from the cattle board.
Moderate-to-active cash trade developed early Thursday morning in the South with feedlot sales generally $4 higher than last week ($121-$122). On the other hand, country business never got off the ground in the North, especially once cattle futures fell out of bed. According to the closing report, the national hog base is $3.16 ($48-$60, weighted average $57.33).
Corn futures closed fractionally lower at the conclusion of a lackluster session. Planting conditions are expected to warm over the week ahead. The stock market closed lower with the Dow off 83 points and the Nasdaq down by 57.