Cash cattle trade was typically quiet Monday. According to the closing report, the Iowa hog base closed $0.16 higher compared with the Prior Day settlement ($79.00-$89.00, weighted average $85.93). Corn futures rose moderately, up 6 1/4 to 8 1/2.
Futures closed higher, up 147 to 265. Live cattle futures posted sharp, post-report gains Monday with all contracts through August surging more than $2 per cwt higher. Although these nearby contracts did not test the daily limit, the focus on tighter cattle supplies over the near future and expectations of moving additional beef to Japan ...