DTN Closing Livestock Comment 01/22 15:53
22 Jan 2016
DTN Closing Livestock Comment 01/22 15:53 Cattle Futures Pop Significantly Higher, Supported by Recovering Outside Markets For the second consecutive day, cattle futures advanced by triple-digits, supported by aggressive short-covering, near-steady cash expectations, and recovering outside markets. On the other hand, lean hog futures settled moderately lower, pressured by late-week profit-taking. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following Changes: Feb LC, Up $4.52; Apr LC, Up $4.57; Jan FC, Up $5.12; Mar FC, Up $7.63, Feb LH, Up $0.98 Apr LH, Up $1.55. Despite a general lack of trade volume earlier in the week, the cash cattle trade remained very quiet today with just a few Northern sales reported at $208. There's a good chance that buyers and sellers will still find a way to do business later this afternoon. According to the closing report, the Iowa hog base is $0.33 higher compared with the Prior Day settlement ($55.50-$57.25, weighted average $56.60). Corn closed up 3 1/4 cents in the March and up 3 cents in the July.