Photo: Soybean Checkoff
Hog futures broke hard again, troubled by long liquidation and the possible inadequacy of midsummer pork demand. On the other hand, cattle paper closed moderately higher, for the most part, supported by short-covering and recent cash premiums.
GENERAL COMMENTS
Packer inquiry in feedlot country was both light and uninspiring through the day with bids no higher than $108 in the South and $173-$175 in the North. Some showlists were priced around $115 live and $183 dressed. According to the closing report, the national hog base is $0.66 lower ($76-$83.50, weighted average $82.47).
Corn futures closed fractionally higher in slow volume. The stock market closed on a mixed basis with the Dow off 42 points and the Nasdaq up 55.
