Live and feeder contracts closed sharply higher thanks to aggressive short-covering, technical-buying and cash premiums. Lean hog issues settled on a mixed basis with nearbys generally losing ground to deferreds.
Aside from a smattering of cash bids (i.e., $107-$108 in the South and $172-$173 in the North), the cash cattle trade remained at a standstill. According to the closing report, the national hog base is $1.36 lower compared with the Prior Day settlement ($67-$73, weighted average $70.62).
Corn futures settled about a penny plus higher in slow market conditions. The stock market closed 79 points higher in the Dow and fractionally lower basis the Nasdaq.