DTN Closing Livestock Comment 10/12 16:21
12 Oct 2015
DTN Closing Livestock Comment 10/12 16:21 Cattle Recovery Continues Live and feeder futures settled with solid progress, supported by follow-through buying, short covering and the recent renewal of cash strength. Lean hog contracts closed moderate higher with the help on constructive fundamentals. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country was typically quiet for a Monday with packers collecting showlist and then turning for home. The new offering appears to be somewhat smaller than last week with only Colorado showing more ready steers and heifers. Asking prices were poorly defined in the early going. According to the closing report, the Iowa hog base is $0.23 higher compared with the Prior Day settlement ($62.00-$73.00, weighted average $71.65). The corn market continued to slide lower (i.e., settling 1-2 cents lower) in the face of harvest pressure and maps of open weather through the week ahead. U.S. stocks closed mildly higher as investors readied for the first major earnings reports due Tuesday. The Dow finished 47 points higher with the Nasdaq better by 8.