DTN Closing Livestock Comment 10/15 16:22
15 Oct 2015
DTN Closing Livestock Comment 10/15 16:22 Cattle Complex Closes Sharply Lower Tied to Pre-Cash Sell-Off Live and feeder futures retreated Thursday, pressured by long liquidation, profit-taking and cash uncertainty. For the most part, lean hog contracts settled moderately lower in light trade volume. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country remained deathly quiet with neither bids nor asking prices well defined. A few dressed bids in parts of the North were noted around $198, and some showlists in the South were priced at $135-plus. According to the closing report, the Iowa hog base is $1.30 lower compared with the prior day settlement ($65.00-$72.00, weighted average $70.82). Corn futures closed 2-3 cents lower, weighed down by slow technical selling through a lackluster session. U.S. stocks closed higher as financial stocks rallied and there was mostly soft economic data (e.g., the Consumer Price Index out Thursday showed little inflation in the near-terms). The Dow closed 217 points higher with the Nasdaq advancing by 87.