Lean hog issues closed higher with triple-digit gains in the new year contracts. The cattle complex settled moderately higher with the help of early-week short-covering and clues of better packer demand in the country.
Activity in feedlot country Monday was limited to the assessment of pre-holiday ready steers and heifers. New showlists appear to be lower in Texas, Colorado and Nebraska, but higher in Kansas. Our guess is buyers and sellers will try hard to complete marketing chores by late Wednesday (reserving Friday for football and cold turkey sandwiches).
According to the closing report, the national hog base is .17 higher compared with the prior day settlement ($46.00-53.00, weighted average $51.77).
Corn futures closed 2 to 3 cents lower, pressured by lower bean prices and discouraging progress in U.S./China talks. The stock market closed in the red with the Dow off 395 points and the Nasdaq down by 219.