The cash cattle trade was not tested today with bids and asking prices poorly defined. Despite being short-bought, packers remain cautious in the face of defensive wholesale beef prices. According to the closing report, the Iowa hog base compared with the Prior Day's closing weighted average is $0.22 higher ($75.00 to $85.75, weighted average $83.64). Corn futures closed mixed, down about 1 cent in the old-crop contracts, steady to 2 higher in the new crop.
Futures closed lower, down 440 to 70. Live cattle settled moderately lower today, pressured by profit-taking and signs of ...