DTN Closing Livestock Comment 11/02 16:28

DTN Closing Livestock Comment 11/02 16:28 Cattle Futures Rally Late to Close No Worse Than Mixed Overcoming selling pressure that lasted through late morning, the cattle complex settled mixed in the live market and higher in the feeder trade. Lean hog futures finished moderately lower for the most part, pressured by seasonal fundamentals. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Early week activity in feedlot country was typically limited to the distribution of new showlists. The fed offering appears to be somewhat smaller than last week with only Colorado beef producers showing more ready steers and heifers. A few showlists were prices around $142-plus in the South, but for the most part, feedlot managers seemed to take a wait-and-see attitude. According to the closing report, the Iowa hog base is $1.59 lower compared with the Prior Day settlement ($55.00-$61.00, weighted average $59.35). Corn futures slid another 5-6 cents open as open harvest weather continues to push combines along at a healthy pace. U.S. stocks closed higher by nearly 1% as investors considered earnings and a heavy week of economic reports (e.g., unemployment on Friday). The Dow closed 163 points higher with the Nasdaq better by 73.