DTN Closing Livestock Comment 02/11 16:34
11 Feb 2016
DTN Closing Livestock Comment 02/11 16:34 Outside Markets Help to Tank Cattle Futures Live and feeder cattle futures settled with triple-digit losses, pressured by outside markets and signs of feedlot weakness. But lean hog issues closed solidly higher, supported by consistent strength in the late winter cash trade. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Moderate cattle trading developed in most areas with feedlot managers reluctantly accepting lower bids in the face of bearish futures and outside markets. Most live business in the South was marked at $133, $3 lower than last week. Dressed deals in the North were mostly $4 lower at $206. According to the closing report, the Iowa hog base is 0.56 higher compared with the Prior Day settlement ($52.00-64.50, weighted average $63.64). Corn futures settled fractionally lower, depressed by another round of bearish export sales. U.S. equities closed lower, but well off their lows, as investors digested a massive global sell-off, falling oil prices, and chatter about a possible OPEC production cut. The Dow closed 254 points lower with the Nasdaq down by 16.