DTN Closing Livestock Comment 01/19 15:49
19 Jan 2016
DTN Closing Livestock Comment 01/19 15:49 Cattle Futures Stage Triple-Digit Rebound Live and feeder futures closed sharply higher thanks to aggressive short covering and calmer outside markets. Lean hog contracts settled on a mixed basis with nearbys gaining on deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country was extremely quiet through the day with barely a suggestion of either bids or asking prices. Understandably, both sides kept hands pocketed, waiting to see if futures could sustain a meaningful recovery following late week's sharp sell-off. According to the closing report, the Iowa hog base is $2.28 higher compared with the Prior Day settlement ($50.00-$55.50, weighted average $53.90). Nearby corn futures closed 4-5 cents higher, supported by both commercial and noncommercial buying. U.S. stocks closed mixed, stabilizing after a sharply lower start to the year despite pressure from a fresh decline in oil prices. The Dow closed 27 points higher with the Nasdaq off 11.