Triple-digit losses dominated the lean hog market with new spot August slumping to a new contract low. The cattle complex settled moderately lower in the live market with feeder issues closing mixed.
Feedlot country was a virtual ghost town through the day with nary a single bid nor asking price evident. According to the closing report, the national hog base is $0.90 lower compared with the Prior Day settlement ($67-$73.50, weighted average $71.86).
The corn market closed 4 1/2 cents higher, supported by Monday’s drop in corn ratings (i.e., 75% good to excellent nationwide the previous week to 72% last week). The stock market closed higher with the Dow up 55 points and the Nasdaq better by 49.