The cattle complex closed on a mixed basis with live issues moderately lower and feeder contracts mixed. On the other hand, deferred lean hog contracts enjoyed another session of short-covering, closing with triple-digit gains.
After a week-long standoff, some live business is finally surfacing in parts of the South late Friday afternoon (i.e., $111, $1 to $2 lower than last week). However, the North remains quiet with bids and asking prices separated by as much as $10 or more. The National hog base closed off $0.86 compared with the Prior Day settlement ($67-$76, weighted average $74.19).
From Friday to Friday, livestock futures scored the following changes: Aug LC off $1.82; Oct LC off $2.25; Aug FC off $1.48; Sep FC off $1.20; Jul LH off $1.42; Aug LH off $5.27.
Corn futures closed 4 to 6 cents lower, essentially erasing the post-report rally seen on Thursday. Temperatures are expected to moderate in major growing areas next week. The stock market closed higher with the Dow off 94 points and the Nasdaq better by 2.