The cattle complex stepped into the holiday-shortened week by settling mostly higher, especially in terms of feeder contracts. Lean hog issues closed widely mixed with August and October sharply lower and far deferreds substantially higher for the most part.
GENERAL COMMENTS
Activity in feedlot country was limited to the distribution of new showlists. While ready numbers were mixed (e.g., smaller in the South, larger in Colorado, and about steady in Nebraska), the overall offerings appear to be somewhat smaller than last week. According to the closing report, the national hog base is $0.75 higher ($68-$79, weighted average $77.55).
Old- and new-crop corn futures were slammed 11-12 cents plus lower, pressured by yield-friendly crop ratings and tariff concerns. The stock market closed higher with the Dow better by 35 points and the Nasdaq up 57.
