DTN Closing Livestock Comment 11/10 15:50
10 Nov 2015
DTN Closing Livestock Comment 11/10 15:50 Cattle Futures Continue Bearish Landslide Live and feeder contracts once again settled sharply lower, pounded by another aggressive round of long liquidation and technical selling. Lean hog futures closed mostly lower with all issues losing ground to spot December. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The fed cattle trade existed only in theory Tuesday with virtually no packers willing to bid on live inventory and no feedlot managers willing to price the same. With the board trapped in a tailspin, few know where to set their feet. Meaningful trade volume will probably be delayed until Thursday or Friday. According to the closing report, the Iowa hog base is 0.24 lower compared with the Prior Day settlement ($47.00-$52.50, weighted average $51.99). Corn futures finished 7-8 cents lower, cheapened by the release of bearish production reports (e.g., corn yield was raised to 169.3 bpa, boosted total production to 13.65 billion bushels, about 100 million above the average trade guess). U.S. stocks closed narrowly mixed, checked somewhat by a more than 3% decline in Apple. The Dow closed 27 points higher while the Nasdaq lost 12.