DTN Closing Livestock Comment 11/13 15:49
13 Nov 2015
DTN Closing Livestock Comment 11/13 15:49 Cattle Futures End Week With Bearish Crash Live and feeder cattle futures closed sharply lower, pressured by aggressive long liquidation and fundamental worries. Lean hog futures also settled significantly lower with the first four contracts suffering triple-digit losses. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade remains quite slow this afternoon, despite the fact that short-bought packers haven't bought cattle all week. Some dressed trade in the South has been reported at $195 to $198, $6 to $9 lower than last week's weighted average basis Nebraska. Elsewhere, feedlot managers continue to resist lower bids (e.g. $128 basis Kansas). More trade volume could develop late this afternoon, but it's beginning to look as if packers will start next week extremely short-bought. According to the closing report, the Iowa hog base is $0.13 higher compared with the Prior Day settlement ($48.50-$52.00, weighted average $51.76). Corn futures closed down 3 3/4 cents in the December and down 4 cents in the July.