DTN Closing Livestock Comment 01/29 16:07
29 Jan 2016
DTN Closing Livestock Comment 01/29 16:07 Cattle Futures Pressured Late By Profit-Taking, Pre-Report Nervousness At the conclusion of the choppy session, cattle futures closed lower with particular selling pressure evident in the feeder market. On the other hand, lean hog contracts settled mostly higher, supported by bull-spreading and positive fundamentals. By John Harrington DTN Senior Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following Changes: Feb LC, Up $3.23; Apr LC, Up $0.93; Mar FC, Off $0.65; May FC, Off $0.83, Feb LH, Up $2.80 Apr LH, Up $1.70. The cash cattle trade was slow in developing on Friday. Light to moderate volume has developed in parts of the North with dressed prices ranging from $210 to $212 (mostly $210). Late afternoon buying is still possible, although bids and asking prices in the South remain separated by as much as $3 to $5. According to the closing report, the Iowa hog base is $0.02 higher compared with the Prior Day settlement ($52.00-$61.50, weighted average $60.49). Corn futures closed 6 1/2 cents higher in the March and May corn closed up 6 1/4 cents.