Hog futures closed significantly lower as technical bears gathered themselves to take back Wednesday’s rally. Cattle futures surrendered about a third of Wednesday’s big surge, checked by profit-taking and uncertain cash prospects.
GENERAL COMMENTS
Generally speaking, feedlot country remained at a standstill for most of the day with bids and asking prices separated by a country mile (e.g., $108-$110 vs. $115, basis the South). We are picking up some late business with $110 paid in the South (steady/firm with last week’s weighted average) and $110-$111 paid in parts of Nebraska (steady to $1 higher). According to the closing report, the national hog base is $1.88 higher ($60-$70, weighted average $68.77).
Corn futures settled fractionally higher at the conclusion of a quiet trading session. The stock closed significantly lower as trade war talk re-fired. The Dow slumped 251 points lower with the Nasdaq off 20.
