Shaking off the bearish news of Mexican tariffs on U.S. pork, hog futures closed sharply higher with the help of aggressive short-covering and improving late-spring/early summer fundamentals. Live and feeder futures closed higher, but well below session highs.
The cash hog trade remained a no-show Wednesday with poorly defined bids and asking prices separated by as much as $8 on a live basis. According to the closing report, the national hog base is $0.92 higher ($66-$75, weighted average $72.47).
Corn futures closed 4-5 cents lower with spot July falling to a three-month low. The stock market closed sharply higher with the Dow up 346 points and the Nasdaq better by 51.