Strong support quickly moved into cattle markets Friday, pushing feeder cattle futures $2 to $2.62 higher and away from long-term support levels.
Cattle markets saw triple-digit gains Friday with feeder cattle futures leading the surge higher. Hog futures were mixed on a combination of follow-through buying and position-taking late Friday. From Friday to Friday, livestock futures scored the following changes: Jun LC off $1.18; Aug LC up $0.02; May FC off $3.10; Aug FC off $1.32; Jun LH up $2.71; Jul LH up $2.25.
Cash cattle activity remains sluggish with trade likely done for the week, following light-to-moderate trade in all areas Wednesday and Thursday. Given the support in futures trade, it is likely both sides will wait until next week to determine further market direction and activity.
The National Daily Direct afternoon hog report was unavailable at this time due to submission delays.
Corn futures posted moderate gains in light trade with July up 4 1/4 cents per bushel. The Dow Jones Index was 76 points lower with Nasdaq down 73 points.