The cattle complex tried to stabilize early Friday, but late-selling caused both live and feeder contracts to settle significantly lower. Lean hog contracts also closed lower, pressured by long liquidation and late-week profit-taking.
The cash cattle market was not tested Friday following sharply lower business on Tuesday through Thursday. For the week, live prices slumped as much as $10 to $12 lower than last week. The National hog base closed off $0.16 compared with the prior day settlement ($59-$66, weighted average $64.89).
From Friday to Friday, livestock futures scored the following changes: Jun LC off $5.22; Aug LC off $6.20; May FC off $6.20; Aug FC off $6.28; Jun LH off $0.40; Jul LH up $0.28.
Corn futures staged an impressive rally to close the week advancing by 7 cents and more. This market was supported by rumors of a new deal between the U.S. and China, lower estimates of the Brazilian corn crop, and a large wave of commercial-buying. The stock market closed narrowly mixed with the Dow up 1 point and the Nasdaq down by 28.