DTN Closing Livestock Comment 11/09 16:43
9 Nov 2015
DTN Closing Livestock Comment 11/09 16:43 Meat Futures Rocked by Aggressive Long Liquidation, Technical Selling The cattle complex fell in a bearish heap to start the week with a majority of contracts closing limit down. Lean hog futures settled sharply lower, pressured by seasonal fundamentals and spillover selling from the cattle trade. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country was typically quiet with packers limiting efforts to early week chores regarding showlist assessment. The new offering appears to be mixed, smaller in Nebraska, Kansas, and Colorado, but quite a bit larger in Texas. According to the closing report, the Iowa hog base is $1.20 lower compared with the Prior Day settlement ($48.00-$53.00, weighted average $52.22). Corn futures finished 6-7 cents lower, pressured by sharply lower action in the wheat trade and signs of weak export demand. U.S. equities closed lower as traders weighed a possible Federal Reserve rate hike in December. The Dow closed 179 points lower with the Nasdaq down by 51.