Nearby lean hog contracts extended their rally late in Wednesday’s session with gains of $2.95 in the August contract. Live cattle and feeder cattle, meanwhile, pulled back with modest losses.
Alongside the plateau in live cattle futures, the cash cattle trade that’s developed so far this week is a somewhat mixed bag. Light trade was reported late Wednesday morning in the South at $111, steady to $1 lower than last week. However, other asking prices remain firm around $114 live and $186 plus in the North, where eastern Nebraska business was clocked at $185 late Tuesday and there were other deals by a regional in parts of Nebraska at $183 for delivery two weeks out and $185 for delivery the week of Aug. 5.
According to the closing report, the national hog base was $1.10 higher ($57.00 to $74.00, weighted average $70.43).
Corn futures closed 3/4 cents higher. The stock market pulled back 19 points in the S&P 500.