Cash cattle business took an upward swing Friday afternoon. Live cattle and lean hog futures similarly gained during a week of overall economic enthusiasm. Feeder cattle, on the other hand, moved downward when the corn market jumped up by double digits.
From Friday to Friday, livestock futures scored the following changes: August live cattle up $1.48, October live cattle up $1.90, August feeder cattle up $2.78, September feeder cattle up $3.85, July lean hogs down $1.08, August lean hogs up $3.60.
Cash cattle business conducted on Friday afternoon took place $2 higher than last week, with most of the volume of dressed sales hitting $182 and a smaller volume at $183 (set for delivery the week of July 22). Firm asking prices around $113 (live) have led to a Friday afternoon standoff in the South.
The closing summary showed the national hog base at $0.16 higher ($56-$71, weighted average $67.99).
September corn futures closed 10 cents higher Friday and 15 1/2 cents higher for the week. Soybean meal similarly gained $2.50 Friday and $9 through the week. The stock market (S&P 500) had a bullish, record-setting week and closed at a fresh record high: 3,013 points.