Expanded trading limits did little to curb buyer support Thursday with prices swiftly moving higher, closing $4.50 per cwt higher in most nearby contracts. This once again sets the stage for wide trading ranges to redevelop Friday.
Hog futures continue to surge higher with prices shifting $13 per cwt higher in the last week. Markets have moved more than $25 per cwt off contract lows in the last month, sparking renewed interest through the entire complex. Cattle trade got caught up in the buying momentum, although concerns of cattle and calf losses are bolstering fall and winter price levels.
Corn futures are higher in light activity. May futures gained 4 3/4 cents per bushel. Dow Jones Index is 219 points higher with Nasdaq up 110 points.