DTN Closing Livestock Comment 10/16 15:40
16 Oct 2015
DTN Closing Livestock Comment 10/16 15:40 Cattle Futures Explode Thanks to Cash Bullishness Live and feeder cattle futures settled sharply higher with spot October advancing the full 300-point limit. On the other hand, lean hog issues settled lower with December attracting most of the selling interest. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following Changes: Oct LC, Up $5.18; Dec LC, Up $2.10; Oct FC, Up $4.83; Nov FC, Up $5.28, Dec LH, Off $0.55 Feb LH, Off $0.50. Short-bought packers were forced to dig deep into their wallets today in order to cover immediate slaughter needs. Live sales in both the North and South ranged from $134 to $136, as much as $8 to $9 higher than a week ago. Dressed business in the North was mostly marked at $205, nearly $10 higher than last week's weighted average basis Nebraska. According to the closing report, the Iowa hog base is $2.14 lower compared with the prior day settlement ($66.00-$71.50, weighted average $68.81). Corn futures closed higher, December and March contracts up 1 1/4 cents.