DTN Closing Livestock Comment 10/30 16:30

DTN Closing Livestock Comment 10/30 16:30 Cattle Futures Close Week With Substantial Losses Live and feeder cattle contracts closed significantly lower, pressured by long-liquidation, cash uncertainty, and beef demand nervousness. On the other hand, lean hog futures settled on a mixed basis with nearby issues lower and deferred contracts mostly moderately higher. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light-to-moderate trading developed in the Northern tier of cattle country with most dressed deals marked at $210.00, $2.00 higher than last week's weighted average basis Nebraska. Buying interest in Kansas and Texas never developed with packers apparently content with numbers gathered on Tuesday. According to the closing report, the Iowa hog base closed $2.10 lower compared with the Prior Day settlement ($58.00-$63.00, weighted average $60.97). From Friday to Friday, livestock futures scored the following changes: Oct LC, Off $1.77; Dec LC, Off $1.68; Nov FC, Off $2.35; Jan FC, Off $2.30, Dec LH, Off $4.40 Feb LH, Off $3.40. Corn futures closed 1-2 cents higher, supported by the softer dollar and general lack of selling interest. The stock market ended lower in late-month profit taking. Nevertheless, October business represented the best month in four years for Wall Street, helped by recovery in oil prices and hopes of easy monetary policy. The Dow closed 92 points lower with the Nasdaq off 20.