Hog futures showed their first signs of uncertainty Friday morning as traders pulled back from limit gains in summer trade. Trading stabilized late in the session, resulting in a mixed close.
Livestock futures traded in a wide range Friday. Lean hogs futures moved from early limit gains to aggressive losses through the morning, but stability returned Friday afternoon and prices settled mixed at closing bell. Cattle markets were also affected by the volatility in lean hogs. From Friday to Friday, livestock futures scored the following changes: Apr LC up $0.63; Jun LC up $1.58; Mar FC up $1.68; Apr FC up $1.88; Apr LH up $9.53; May LH up $9.13.
Cash cattle trade started to slowly develop Friday with trade extending into late afternoon and potentially Friday evening. The cash trade that has developed so far is seen at $128 to $129 live basis, which is $1 to $2 per cwt higher than last week. Dressed trade developed at $208 through the north, which is $4 per cwt higher than week-ago levels.
The National Daily Direct afternoon hog report was $3.29 higher ($56-$71.50, weighted average $66.44) on 6,234 head sold.
Corn futures were higher in light activity with May up 2 cents per bushel. The Dow Jones Index is 460 points lower with the Nasdaq down 196 points.