DTN Closing Livestock Comment 02/16 16:09
16 Feb 2016
DTN Closing Livestock Comment 02/16 16:09 Cattle Paper Explodes Thanks to Aggressive Short-Covering Live and feeder cattle futures settled with triple-digit gains, lifted by short-covering, oversold charts and the premium status of recent feedlot sales. Conversely, lean hog contracts closed moderately lower, checked by profit-taking. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash feedlot trade remains untested Tuesday with both bids and asking prices poorly defined. A few starter bids were noted in parts of the South at $131, fully $5 below suggested asking prices. According to the closing report, the Iowa hog base is $0.76 lower compared with the Prior Day settlement ($52.00-$64.50, weighted average $63.59). The corn market finished generally 4 cents higher, supported by not a great deal more than short-covering and poor selling interest. The stock market closed higher, helped by gains in consumer discretionary and financials. The Dow closed 222 points higher with the Nasdaq stronger by 98.