The cash cattle trade was not tested today with bids and asking prices poorly defined. Significant trade volume is unlikely to develop before Thursday or Friday. According to the closing report, the Iowa hog base closed $1.60 lower compared with the Prior Day settlement ($82.63-$86.50, weighted average $84.14). Corn futures rose fractionally in the old crop contracts and fell 3 cents in the new crop contracts.
Futures closed lower, down 7 to 67. Live cattle closed moderately lower with nearbys generally losing ground to deferreds. Although the board gave back some of yesterday's major ...