Activity was sluggish in cattle and hog trade Friday afternoon with traders focusing on position-squaring.
Light trade developed Friday with mixed direction seen through the end of the session. Feeder cattle futures were heavily affected by early gains in the corn trade, although the pressure continued despite steady late-day corn markets. End-of-the-week positioning was evident through the last half of the day with all contracts pulling away from early highs.
From Friday to Friday, livestock futures scored the following changes: Aug LC up $0.40; Oct LC off $1.08; Aug FC off $0.72; Sep FC up $0.23; Aug LH up $2.75; Oct LH up $1.25. Cash cattle trade remains at a standoff as of midafternoon Friday with just a few sales reported at $113 live basis in Nebraska and Colorado.
Limited bids are seen in the South with bids of $179 to $180 holding in the North on a dressed basis. It is likely to be late afternoon or early evening before additional cash cattle trade develops, but it is still expected packers will need to buy some cattle before the end of the week. Asking prices are holding at $112 to $113 live in the South and $183 and higher in the North.
The National Daily Direct afternoon hog report was $0.79 lower ($62 to $77 per cwt, weighted average $70.98) on 8,331 head sold.
Corn futures are mixed in light trade with September down 3/4 cent. Stock markets were also mixed in light trade with the Dow up 22 points and the NASDAQ down 43 points.