In weighted average negotiated prices for barrows and gilts, USDA reported:
- National carcass base down 41 cents to $84.07/cwt.
- National live not reported.
- Iowa-Minnesota carcass base was $84.46.
USDA reported carcass cutout values this afternoon up $4.08 to $105.20/cwt.
Hopes for a higher cash market diminished yesterday while slaughter is lower than a year ago, according to Total Farm Marketing.
Extreme oversold condition plus a historically wide basis leaves the market vulnerable to a strong recovery bounce, according to The Hightower Report.