DTN Closing Livestock Comment 01/20 16:14
20 Jan 2016
DTN Closing Livestock Comment 01/20 16:14 Bearish Outside Markets Once Again Rout Cattle Futures Triple-digit losses swamped the cattle complex as Wall Street reeled lower in the face of slowing global growth and crashing oil prices. While lean hog futures also finished in the red, price damage was considerate more modest thanks to signs of seasonally strong fundamentals. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle market remained poorly defined Wednesday with both buyers and sellers troubled and confused by the board's volatility. According to the closing report, the Iowa hog base is $0.78 higher compared with the Prior Day settlement ($48.00-$56.50, weighted average $55.72). Outside market noise bothered bean and wheat stability, but not so much action in the corn trade where contracts closed about a penny higher. U.S. stocks closed lower but well above session lows as the S&P 500 held a technical level and biotechs recovered to trade higher. The Dow closed 249 points lower with the Nasdaq off 5.