DTN Closing Livestock Comment 02/08 16:36
8 Feb 2016
DTN Closing Livestock Comment 02/08 16:36 Cattle Futures Implode Thanks to Bearish Outside Markets Live and feeder contracts settled with limit losses on Monday, sacked by long liquidation and widespread fears of slowing global growth. Lean hog futures finished moderately lower, pressured by early week profit-taking and spillover bearishness from the cattle complex. By John Harrington DTN Senior Analyst GENERAL COMMENTS: Feedlot country was typically limited to the distribution of new showlists. The fed cattle offering looks larger in Texas, Kansas and Colorado but somewhat smaller in Nebraska. Asking prices were poorly defined. According to the closing report, the Iowa hog base is $0.49 higher compared with the Prior Day settlement ($56.00-63.50, weighted average $62.89). Corn futures settled 3-4 cents lower, curbed by more rain in Argentina, lower oil prices, and positioning before new s&d data scheduled to be unveiled Tuesday. Though equities got off to a rough start, Wall Street closed off session lows amid a late rally in the energy sector. The Dow closed 177 points lower with the Nasdaq down 79.