DTN Closing Livestock Comment 10/27 16:11
27 Oct 2015
DTN Closing Livestock Comment 10/27 16:11 Meat Futures Close Significantly Lower The cattle complex settled sharply lower, pressed by long liquidation and cash uncertainty. Lean hog futures also finished on the defensive with nearby contracts struggling in the face of another round of cash sales. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Short-bought cattle buyers made a surprising move to secure more live inventory. Light business was reported at fully steady prices in Kansas and Texas at $138. Scattered sales also surfaced in parts of the North at $207-$208. According to the closing report, the Iowa hog base is $0.38 lower compared with the Prior Day settlement ($61.00-$67.50, weighted average $66.35). Corn futures settled 3-4 cents lower, pressured by solid harvest progress and further strength in the dollar. The stock market closed mildly lower under some pressure from disappointing data (e.g., lower durable goods orders for the second consecutive week. The Dow closed 41 points lower with the Nasdaq off by 4.