An upward recovery in lean hog futures took place Friday, and although it didn’t contribute enough enthusiasm through the livestock sector to pull feeder cattle prices out of their lower trend, nevertheless most live cattle futures contracts looked bullishly toward a 2021 outlook now sketched out by USDA’s Nov. 1 Cattle On Feed report.
Live cattle futures traders took the deferred 2021 contracts higher by the end of Friday’s session in anticipation of the monthly Cattle On Feed report, which did indeed come in with neutral-to-bullish numbers: 1% more animals on feed than a year ago. Lean hog futures were also higher through Friday afternoon’s trade with stiff enough gains to erase most of the week’s previous volatile losses.
Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.33 with a weighted average of $58.73 on 4,961 head. December corn closed up 3/4 cents per bushel and December soybean meal closed up $1 per ton. The Dow Jones Industrial Average is down 219.75 points and NASDAQ is down 78.99 points.