DTN Closing Livestock Comment 01/28 16:32
28 Jan 2016
DTN Closing Livestock Comment 01/28 16:32 Cattle Futures Settle Moderately Lower The cattle complex stalled for a moderate haircut, settling lower thanks to pre-cash profit taking and position ahead of Friday's herd inventory. Lean hog futures also closed moderately lower, checked by profit taking and considerations of cash discounts. By John Harrington DTN Senior Analyst GENERAL COMMENTS: Cattle buying interest made only a token appearance Thursday, dropping a few throwaway bids of $130-$132 in the South and $210 in the North. Asking prices were suggested around $138-$140 in the South and $215-plus in the North. According to the closing report, the Iowa hog base is $0.54 higher compared with the Prior Day settlement ($58.50-$61.00, weighted average $60.47). Corn futures settled 3-4 cents lower, curbed by commercial selling in the bean market and discouraging export prospects. The stock market closed higher, supported by a rise in oil and gains in Facebook, outweighing pressure from declines in biotech stocks and concerns about economic growth. The Dow advanced by 125 points and the Nasdaq settled up 38.