DTN Livestock Close: Cattle Complex Implodes by Triple Digits

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.

GENERAL COMMENTS:

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.

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