Narrow price shifts developed across the entire livestock market Thursday with traders focusing on cash and meat markets following sharp early week gains.
Narrow trading ranges slowly developed in mixed trade throughout cattle and hog markets Thursday. Cash cattle markets are still quiet following sluggish market activity. Although a handful of cattle were sold through the day at $195 dressed basis, this is still not enough to establish a market trend. Bids are expected to become much more active through the day Friday. Asking prices are likely to be seen early Friday at $125 to $126 live and $200 dressed.
According to the closing report, the national hog base is $0.02 lower ($47-$53, weighted average $51.14). The sluggish movement may create additional stability going into the Friday session.
Corn futures were lower in light activity, with March futures closing 5 cents lower. The Dow Jones Index is 122 points higher with the Nasdaq up 28 points.