Live and feeder futures closed sharply lower, slammed by triple-digit losses tied to outside markets and December’s larger-than-expected placement activity. On the other hand, lean hog contracts settled narrowly mixed at the conclusion of an uneventful session.
GENERAL COMMENTS:
Feedlot country was very quiet as packers focused exclusively on the distribution on new showlists. Ready numbers appear to be generally smaller than last week, especially in Texas. According to the closing report, the national hog base is $0.25 lower ($59.00-$66.00, weighted average $63.99).
The corn market slumped 4 cents-plus lower, pressured by reports of minimal damage to South American harvest potential and spillover bearishness from the beans. The Dow closed 122 points lower with the Nasdaq off by 47.
