The livestock futures followed a strong, early rally in live cattle contracts on Friday. October live cattle futures posted limit gains as traders broke out of the sideways trading pattern.
From Friday to Friday livestock futures scored the following changes: Oct LC, up $3.85; Dec LC, up $3.63; Sep FC, up $4.45; Oct FC, up $5.92; Oct LH, up $0.57; Dec LH, off $0.15. Cash cattle trade has started to trickle through the market Friday afternoon, with a few deals inked at $172 per cwt. But, at this point, it seems packers and feeders remain at a standstill and may not post active trade until late afternoon or early evening.
Bids have improved due to the sharp rally in futures with live bids at $108 to $109 per cwt and dressed bids at $170 to $172 per cwt. Asking prices are also increasing, at $177 and higher dressed basis, and $112 to $114 per cwt live.
According to the closing report, the national hog base is $0.30 lower compared with the prior day settlement ($44.00-$50.00) weighted average $48.96.
Corn futures are lower in light activity. September futures were 3/4 cent Lower Wednesday. Dow Jones Index is 4 points lower with Nasdaq down 2 points.