July through October lean hogs scored triple digits for the second consecutive session, further boosted by bullish fundamentals and decent fundamentals. On the other hand, cattle futures settled moderately lower, pressured by profit-taking and fears of midsummer demand.
Cash cattle potentially started to take shape at midweek with more bids and asking prices posted on the field of play. Yet the enormous spread between buying and selling ideas (e.g., $110 bid versus $118 asked basis the South) suggested that significant trade volume could once again be delayed until Friday.
According to the closing report, the national hog base is $1.65 higher ($74-$83, weighted average $80.82).
The corn market slipped a penny plus lower, checked by some profit-taking on the heels of Tuesday’s strong pop. The stock market closed 119 points lower with the Nasdaq off 8.