The cattle complex closed in narrow ranges and mixed prices as traders cautiously positioned ahead of cash news and the late-week posting of the July 1 on-feed report. Lean hog futures also closed without consistent trend thanks in part to a variety of spreading strategies.
The cash cattle trade remained untested with bids and asking prices separated by as much as $7 on a live basis (e.g., $108 versus $115). According to the closing report, the national hog base is $1.32 lower compared with the Prior Day settlement ($65-$72.99, weighted average $69.25).
Corn futures closed generally 4 cents higher, supported dry weather forecasts, especially in the Southern Plains. The stock market closed lower with the Dow off 134 points and the Nasdaq down by 29.