Live and feeder contracts closed moderately lower Thursday, pressured by long liquidation and beef demand worries. Lean hog futures settled on a mixed basis with nearby contracts gaining on deferreds.
If possible, Thursday’s cash cattle market seemed even slower than the do-nothing business of Wednesday. A few packers renewed Wednesday’s unattractive bids, but others didn’t even bother to open their mouth. Most showlists were priced around $115 live in the South and $183 plus dressed in the North. The limited buying interest idly splashed around miles below these levels.
According to the closing report, the national hog base is $0.81 lower ($75-$83.50, weighted average $81.74).
Corn futures finished 2-3 cents higher, supported by oversold conditions and ideas of an abundance of risky growing conditions ahead. The stock market closed lower with the Dow off by 196 points and the Nasdaq down by 68.