The cattle complex exploded higher Thursday, powered by aggressive short-covering, technical-buying and cash optimism. Lean hog issues also finished significantly higher, though the most ambitious buyers focused on the first four contracts.
GENERAL COMMENTS
Light trade volume surfaced early in parts of Texas feeding country at $117-$118 (about steady with last week). But once the board went into hyper-drive, asking prices were quickly jacked higher and buyers proved unwilling to give immediate chase. According to the closing report, the national hog base is $1.40 higher ($43-$52, weighted average $49.29).
Corn futures closed a penny plus higher. Traders remained cautious concerning planting conditions over the next several weeks. The stock market closed higher with the Dow up 293 points and the Nasdaq gained 71.
