Lean hog contracts closed lower in nearbys and modestly higher in far deferreds. Profit-taking by bull-spreaders in light volume seemed to be the major feature. The cattle complex closed mostly higher with only nearby June and August live settling in the red.
The cash cattle trade was lower in most areas, pressured by seasonally larger ready numbers and lackluster beef demand. Live business in the South ranged from $109 to $110, generally $2 to $3 lower than last week. Most dressed deals in the North were marked at mostly $172, generally $5 lower than last week’s weighted average basis Nebraska. The National hog base closed off $1.61 compared with the Prior Day settlement ($73 to $81.49, weighted average $79.97).
From Friday to Friday, livestock futures scored the following changes: Jun LC off $0.18; Aug LC up $1.13; Aug FC up $1.23; Sep FC up $1.55; Jul LH off $1.90; Aug LH off $2.88.
Corn futures closed fractionally mixed in lackluster trade volume. The stock market closed mixed with the Dow up 119 and the Nasdaq off 20.