Live cattle futures bounced higher Wednesday; feeder cattle futures were mixed. Lean hog contracts settled mostly higher with the deferred late-2019 contracts getting the most attention (October up $1.875).
As severe storms move into parts of cattle feeding country, some earlier-than-normal cash business has developed in Nebraska and Iowa. Light trading took place Wednesday morning with live deals marked at $127, $1 lower than last week’s weighted average. Dressed business is generally steady at $203 to $204.
According to the closing report, the national hog base was $2.42 higher ($42-$52, weighted average $49.61).
Corn futures barely budged, closing 3/4 cents higher. The stock market closed higher, up 19 points on the S&P 500.