Lean hog issues closed sharply higher with the first three months closing limit up. For the most part, the cattle complex settled moderately higher, supported by short-covering and spillover buying from lean hogs.
The cash cattle trade was little more than a staring contest between bids and asking prices (e.g., $108 bid live versus $112-$114 asking prices). According to the closing report, the national hog base is $0.59 lower compared with the Prior Day settlement ($40-$43, weighted average $41.54).
Corn futures closed nearly 4 cents higher, powered by encouraging export sales and spillover enthusiasm in the bean trade regarding the possibility of revitalized trade talk with China later this month. The stock market soared on the news U.S. and China negotiators may soon be ready to sit down and end ongoing trade disputes. The Dow surged by 396 points with the Nasdaq up by 32.