Livestock traders were encouraged by increased export sales and lower beef supplies this week, but traders remain cautious given the potential for bearish news late in the week.
Initial pressure in lean hog trade eased throughout Thursday’s session, and futures ended mixed to mostly higher. The ability to bring buyer interest back to cattle and hog futures helped to stabilize the entire complex. Cash cattle remains light, as most of the needed trade was done on Wednesday. Light live cattle trade in the North developed at $116 per cwt. This is $1 per cwt lower than last week and fits in nicely with the general trend of steady to $2 per cwt lower in all areas.
Bids remain on the table at $114 per cwt live and $184 to $186 per cwt dressed. But it is uncertain whether additional trade will be seen before the end of the week.
The National Daily Direct afternoon hog report was $0.96 higher ($72-$83, weighted average $80.20) on 8,306 head sold.
Corn futures shifted lower in light trade with July down 4 3/4 cents per bushel. The Dow Jones Index was 351 points lower with NASDAQ down 139 points.