Live and feeder contracts closed sharply higher Monday, supported by large cash premiums and aggressive sort covering. Lean hog issues settled lower with fourth quarter prices losing more ground to nearbys and far deferreds.
The cash cattle trade was typically quiet for a Monday as packers focused exclusively on the collection of new showlists. The midmonth offering looks mixed, smaller in Texas and larger in Kansas, Nebraska and Colorado. Overall, ready numbers appear to be about steady with last week.
According to the closing report, the national hog base is $1.18 lower compared with the prior day settlement ($66.00 to $74.00, weighted average $73.08).
Corn futures finished 1/2 cent to 2 cents higher with deferreds outperforming nearbys. The stock market closed mixed with the Dow up 44 and the Nasdaq off by 20.