As expected, the cattle complex surged higher in reaction to rocketed feedlot sales reported last Friday. At the same time, lean hog contracts scored moderate price progress thanks to steady cash index appreciation and spillover buying from cattle futures.
The cash cattle market was typically quiet as the new week began with packers concentrating on the collection of new showlists. The offering appears to be generally larger with only Colorado showing fewer ready steers and heifers. According to the closing report, the national hog base is $0.45 higher ($58.50-$65.36, weighted average $64.79).
Corn futures closed essentially flat at the conclusion of a lackluster trading session. The stock market closed lower with the Dow off 85 points and the Nasdaq down by 2.