Feeder futures closed aggressively lower, pressured by another round of higher corn action and limited buying interest. Lean hog contracts closed on a mixed basis with nearbys gaining on deferreds.
The cash cattle trade was not tested through the day Friday with sufficient business completed on Wednesday and Thursday. According to the closing report, the national hog base is $0.24 lower compared with the Prior Day settlement ($52-$62.74, weighted average $45).
Corn futures experienced another positive run just before the weekend break. December closed roughly 4 cents higher, boosted by wet harvest conditions and fears of delayed corn-picking activity. Equities finally staged a recovery with the Dow closing 287 points higher and the Nasdaq bouncing some higher by 167.