DTN Closing Livestock Comment 01/05 16:08
5 Jan 2016
DTN Closing Livestock Comment 01/05 16:08 Lean Hog Contracts Close With Solid Gains Boosted by signs of improving early year fundamentals, lean hog contracts closed higher with spot Feb especially well supported. Cattle futures settled generally mixed at the conclusion of rather choppy price action. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Predictably, the cash cattle arena remained dead quiet Tuesday with bids and asking prices poorly defined. Some Southern feedlots priced ready steers and heifers around $140-$142. According to the closing report, the Iowa hog base is $0.98 higher compared with the Prior Day settlement ($49.00-$51.50, weighted average $50.62). Corn futures staged a token recovery, somewhat supported by short covering and greater stability on Wall Street. U.S. stocks closed narrowly mixed, stabilizing after a sharply lower start to the year. The Dow closed 9 points higher with the Nasdaq off 11.