Live cattle futures closed mixed Thursday, but feeder cattle continued to post significant gains, as much as $0.95 in the November contract. That represents almost $10 of recovery since the market’s Sept. 9 low. Lean hog futures had another day of uneven gains and spread widening.
Cash cattle trade remained quiet Thursday, with only a few scattered bids on the table ($101 in Kansas; $162 in Iowa). Asking prices are around $103 plus in the South and $167 to $170 in the North. A light trade took place in parts of the South Wednesday at mostly $101 or $2 higher than last week’s weighted averages. It is looking more and more likely that additional trade could be delayed until sometime Friday.
According to the closing report, the national hog base was $0.25 lower ($41-$46.50, weighted average $44.48).
Corn futures closed 1 1/2 cents higher amid outside markets that finally seem to have quieted down this week. The stock market is down 3 points in the S&P 500, with the index still above 3,000.