Strong end-of-the-week rallies developed in the lean hog trade. This helped to spark some additional underlying support through the entire complex going into the long weekend.
Buying in lean hog trade led the complex higher, allowing for trade near limit gains through part of the morning. Even though prices backed away from session highs, the strong bounce at the end of the week limited market losses. Cattle futures trickled higher Friday with the focus on position adjustments before the weekend.
From Friday to Friday livestock futures scored the following changes: Feb LC, up $1.55; Apr LC, up $1.00; Jan FC, off $4.67; Mar FC, off $2.08; Feb LH, off $1.43; Apr LH, off $1.08.
Cash cattle trade remains undeveloped at this point, with activity likely to hold out until late afternoon. Asking prices remain firm at $127 to $130 per cwt live and $200 and higher dressed. The need for cattle by packers should help to spark some additional packer interest late in the week, but current bids are showing little aggressiveness at this point.
Live bids are seen at $122 to $123 per cwt, while dressed bids are at $195 to $197 per cwt.
According to the closing report, the national hog base is $0.41 higher ($46-$53, weighted average of $51.81).
Corn futures are higher in light activity. March futures were 1 3/4 cent higher. Dow Jones Index is 300 points higher with Nasdaq up 62 points.