The cattle complex closed higher thanks to short-covering and the correction of oversold charts. Lean hog futures settled mixed as late-summer issues lost ground on both spot June and deferreds.
The cash cattle trade was generally quiet through the day with just a few lower sales reported in parts of western Nebraska and Colorado (i.e., $112-$114, approximately $8-$10 below last week). According to the closing report, the national hog base $0.58 higher ($59-$66, weighted average $65.08).
2018 corn contracts slumped 4 cents lower on the close, checked by commercial selling and generally positive weather maps in terms of growing conditions. The stock market closed lower with the Dow off 54 points and the Nasdaq off 15.