Live and feeder contracts concluded the week with slow volume and moderately lower settlements. Though traders seemed patiently awaiting cash news, neither side acted with much anticipatory expectation. Lean hog issues closed on a mixed basis as spot December expired, cautiously making room to consider the tall premium of the new leader February.
Light-to-moderate trade volume developed Friday afternoon in cattle country. Live sales in the South are mostly marked at $119, roughly $1 higher than last week. Some dressed steers and heifers are tagged at $188, also a buck higher than last week’s weighted average basis Nebraska.
According to the closing report, the national hog base is $0.29 higher compared with the Prior Day settlement ($42-$47.21, weighted average $46.71).
March corn traded higher most the day, but ended just fractionally in the green. While nearby corn dug in fairly well since Monday, most of this week’s market focus was on the return of China to the U.S. soybean market (and with soy fireworks kept to a minimum).
From Friday to Friday, livestock futures scored the following changes: Dec LC, up $1.67; Feb LC, up $0.88; Jan FC, up $3.20; Mar FC, up $3.90; Dec LH, up $0.70; Feb LH, off $3.37.
The stock market crashed sharply lower with the Dow failing by 496 points (sinking to its lowest close since May – 24,100). The Nasdaq retreated by as much as 159 points.