The cattle complex closed mostly lower Wednesday, struggling in the face of pre-Thanksgiving red meat cash potential. On the other hand, lean hog futures managed to bounce higher with the help of short-covering and oversold charts.
The midweek cash cattle trade came and went without a meaningful test. A few dressed deals were reported in parts of the North at 180, about steady with last week. Some Southern bids were noted at $112, well under asking prices of $118.
According to the closing report, the national hog base totaled $0.52 lower at $55.28 ($50-$56.95).
The corn trade closed about a penny lower in a rather lackluster reaction to national elections. Stock market bulls exploded in the wake of a new, divided Congress. The Dow closed 545 points higher with the Nasdaq better by 194.