Cattle futures closed narrowly mixed in the live market and moderately higher in the feeder trade. Similarly, lean hog issues settled with uneven price action thanks to a combination of follow-through selling and late-week short-covering.
Moderate cash trading developed in the Southern tier of cattle country Friday afternoon with most live business marked at $111, generally $3 lower than last week. The North was limited to a few odds and ends in the wake of fairly active business that surfaced on Thursday.
The National hog base closed off $0.88 compared with the Prior Day settlement ($43-$46, weighted average $45.05).
From Friday to Friday, livestock futures scored the following changes: Aug LC off $2.42; Oct LC off $2.75; Aug FC off $2.95; Sep FC off $3.50; Aug LH off $3.70; Oct LH up $0.40.
Corn futures closed 11 cents lower pressured by bearish news contained in the Aug. 1 Crop Production report. Specifically, corn production potential was estimated at 14.585 billion bushels, significantly above last month’s estimate as well as the average trade guess. The stock market closed lower with the Dow off 196 points and the Nasdaq down by 52.