Robin Schmahl

The livestock complex closed under pressure on Friday. Cash cattle traded lower and cash hogs traded lower. Both cattle and hogs were lower for the week.

Cattle futures showed weakness from the news of cases of the New World screwworm closer to the U.S. and the potential for lower cash cattle trade this week. Hog futures struggled for a while, but finally found footing to post gains for the day.

Cattle futures were lower, with feeder cattle under greater pressure. This pressure stemmed from the concern over the New World screwworm. Hog futures posted further gains, with contracts again closing near the highs of the day.

The volatility in cattle futures was exceptional as the market initially reacted negatively to the news, but then reversed quickly on a sell-the-rumor, buy-the-fact scenario. Hog futures did not see any spillover trading, but followed their own fundamentals.

Cattle futures closed higher but were well off their highs achieved during the day. Steady cash was a bit of a disappointment. Hog futures nearly retested the lows of earlier in the week.

Cattle futures were able to extend their gains due to the expectation for no worse than steady cash trade this week. Hog futures tried to claw their way higher, but buying interest ran out with deferred contracts making new lows.

Cattle futures uncovered further buying interest with feeder cattle leading the way after an uneventful opening. Hog futures showed minor strength in the August and later contracts. Friday is the final day to trade the June hog contract.

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Cattle futures found support on the open. Plant closings and the New World screwworm have been taken in stride and deemed not bearish for the market. Hog futures fell back with the October through February contracts making new lows.

Resistance held and cattle futures set back. However, that may have been due to some profit-taking and not a change in trend. Hog futures struggled all day to post an increase, but could not find sustained buying interest as only August and October closed higher.