The cattle complex once again closed sharply lower, hammered again by long liquidation, commercial-selling and signs of cash weakness. On the other hand, lean hog futures managed to recover some from Tuesday’s sell-off, supported by short-covering and positive fundamentals.
Light trade volume developed in most cattle-feeding areas as some producers reluctantly accepted lower packer bids. Most of the business in the South was marked at $115-$116, $6 to $7 lower than last week. Most of the dressed trade in the North ranged from $180-$185, $7 to $12 lower than last week’s weighted average basis Nebraska. The National hog base closed up $0.13 compared with the Prior Day settlement ($58-$65.50, weighted average $64.61).
Corn futures closed generally 3 cents lower, pressured by profit-taking and spillover selling from the bean market. The stock market closed higher with the Dow up 62 and the Nasdaq better by 46.