With the exception of soon-to-expire spot August, lean hog futures surged sharply higher on the close with triple-digit gains dominating most contracts. On the other hand, cattle paper settled lower thanks to long liquidation, reports of cash weakness and the unwinding of cattle hog spreads.
The Northern tier of cattle-feeding country witnessed fairly active cash trading. According to the closing report, the national hog base is $1.76 lower compared with the Prior Day settlement ($45-$48, weighted average $45.93).
Corn futures finished several cents lower, pressured by worries of higher yield estimates when the Aug. 1 crop report is released on Friday. Equities closed mixed with the Dow off 74 points and the Nasdaq up 3.