Hog futures closed sharply higher Monday, powered by a combination of bull-spreading and constructive fundamentals. The cattle complex closed on a mixed basis with nearbys generally gaining on deferreds.
Feedlot country was typically quiet with activity limited to the gathering of new showlists. Thanks to slow country movement last week, all major feeding states are offering more ready steers and heifers for sale than last week. According to the closing report, the national hog base is $0.17 lower ($76-$84, weighted average $82.80).
Corn futures closed a nickel plus lower, pressured by further liquidation by noncommercials and good early season growing conditions. The stock market closed mixed with the Dow off 103 points and the Nasdaq ending near steady.