Most live and feeder futures ended the Thursday session with mild gains. But those gains were dwarfed by another huge jump in lean hog futures prices, led by the June contract which closed $2.700 higher.
The physical movement of animals is at a total standstill across broad swaths of cattle country, where no travel is advised on highways (most of South Dakota) or where roads are flooding and bridges have washed out (areas of Nebraska). Price levels for cash cattle will be benchmarked against the light business from before the storm: $127 live/$204 dressed.
According to the closing report, the national hog base is $0.89 higher ($44-$53, weighted average $50.44).
Corn futures settled higher by 3 to 4 cents, bouncing back inside the market’s long-term sideways trading range. The stock market closed fractionally lower, off 2 points in the S&P 500.