DTN Closing Livestock Comment 01/14 16:34
14 Jan 2016
DTN Closing Livestock Comment 01/14 16:34 Ignoring High Cash Sales, Cattle Futures Slump Sharply Lower Cattle futures succumbed to a large wave of long liquidation late in the session, closing the trading day with triple-digit losses. Conversely, lean hog issues settled moderately higher, supported by follow-through buying and ongoing cash strength. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light to moderate trade surfaced in most areas of cattle feeding country (business in Kansas proved to be especially active). Most live sales in the South were marked at $134, $1 higher than last week. Dressed deals in the North ranged from $209 to $210, $1-$2 lower basis Nebraska and $1-$2 higher basis Nebraska. According to the closing report, the Iowa hog base is 0.30 lower compared with the Prior Day settlement ($47.00-$54.00, weighted average 53.01). Action in the corn trade was lackluster with most contracts settling close to unchanged. U.S. stocks closed higher, stabilizing after a steep sell-off and helped by some recovery in oil prices. The Dow recovered by 227 points with the Nasdaq better by 88.