The cattle complex settled on a mixed basis in the live trade and mostly higher in the feeder market. Conversely, lean hog issues were once again slammed lower thanks to seasonally defensive fundamentals.
The cash cattle business never really got off the ground Thursday. Trade volume in the North appears to be essentially done for the week. Although Southern live bids increased from $109 to $111, asking prices of $113-114 prevented significant biz from surfacing in Texas and Kansas. Look for Southern trade volume to develop on Friday.
According to the closing report, the national hog base is $0.08 lower compared with the Prior Day settlement ($53-$59.50, weighted average, $59.16).
Corn futures finished mostly 3 cents lower, checked by disappointing export sales. The stock market took another tumble with the Dow off 326 points and the Nasdaq down by 157.