The cattle complex was slammed with triple-digit losses, pressured by beef demand worries and technical-selling. Lean hog futures also closed sharply lower thanks in part to worries they will soon reach a seasonal top.
The cash cattle market was limited to light trade in parts of Nebraska with some live steers and heifers marked as much as $5 lower than last week (i.e., $110). Yet most feedlot managers across feeding country continue to hold for higher bids.
According to the closing report, the national hog base is $0.92 higher ($75-$85, weighted average $81.86).
Corn futures imploded by as much as 13 cents, pressured by positive growing conditions and aggressive long liquidation by noncommercials. The stock market closed mixed with the Dow off 25 and the Nasdaq up 65.