Lean hog futures remained under pressure Thursday with most contracts ending down. Cattle trade remained firm on fundamental support.
Active pressure continues to develop in lean hog trade with futures testing long-term lows once again. Increased firmness in cattle trade continued Thursday as traders focus on recent beef values. Limited cash cattle trade started to develop in parts of the North with live trade at $108 per cwt. Bids of $105 per cwt are seen in the South on a live basis and $172 to $176 dressed basis in the North. This is still well below asking prices of $108 to $109 in the South and $178 to $180 in the North.
Active trade is expected to remain undeveloped until sometime Friday, and could be delayed until after the Cattle on Feed report is released.
The National Daily Direct afternoon hog report is $1.39 lower ($57 to $71.50, weighted average $66.15) on 11,419 head sold.
Corn futures inched higher with September up 3/4 cent. Stock markets are mixed in light trade with the Dow 49 points higher and the NASDAQ down 28 points.