Lean hog futures closed sharply higher Friday, spurred to limit gains thanks to aggressive short-covering and oversold charts. The cattle complex settled on a mixed basis with nearby live issues holding up reasonably well as their feeder counterparts crashed hard.
A light to moderate trade developed in parts of the South with live prices at $114, generally steady with last week’s weighted averages. A light dressed trade has taken place in parts of Nebraska with dressed prices at $176 to $178 (mostly $178), generally $2 lower than last week’s weighted average. Some asking prices remain firm around $116 to $117 in the South, and $180 in the North.
According to the closing report, the national hog base is .02 higher compared with the Prior Day settlement ($46.00-52.44, weighted average $51.60).
The late-week corn trade closed about 3 cents lower as traders ignored positive export sales and focused more on generally dry harvest weather conditions. From Friday to Friday livestock futures scored the following changes: Dec LC, up $0.78; Feb LC, up $1.92; Jan FC, up $2.72; Mar FC, up $1.80; Dec LH, up $4.27; Feb LH, up $7.25. The stock market closed higher with the Dow better by 123 points and the Nasdaq in the green by 11.