Live and feeder futures closed sharply higher, supported by recent strength in feedlot sales and technical buying. Nearby lean hog contracts slumped with triple-digit losses tied to long liquidation and uncertain fundamentals.
Activity in cattle feeding country on Monday was limited to the distribution of new showlists. The fed offering appears to be generally smaller than last week, especially in Nebraska and Texas. According to the closing report, the national hog base is $.09 lower ($52.00-to-$58.50, weighted average $57.67).
Corn futures closed several cents higher with the help of light buying and short covering. The stock market closed lower for the fourth consecutive session with the Dow off 14 points and the Nasdaq down by 17.