GENERAL COMMENTS:
According to the closing report, the Iowa hog base is $1.01 lower compared with the Prior Day settlement ($75.00-83.78), weighted average $81.69). Beside scattered sales in parts of Texas at $93 (i.e., steady with yesterday but $2 lower than last week), the cash cattle trade was not tested in the late rounds. From Friday to Friday, meat futures scored the following changes: August LC, off 77; October LC, off 12; August FC, off 145; September FC, off 97; August LH, up 260; October LH, up 200; August PB, unch; February PB, up 70. Corn futures jumped sharply higher ...