DTN Closing Livestock Comment 02/22 16:43
22 Feb 2016
DTN Closing Livestock Comment 02/22 16:43 Live Cattle Futures Extend Rally on Ideas of Improving Beef Demand The cattle complex closed higher in the live trade and mixed in the feeder market. Lean hog contracts settled moderately higher, supported by short-covering and further ideas of bullish cash prospects. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Par for the course, packers put their early week efforts to the collection of new showlists. The offering looks mixed, larger in Kansas and Nebraska, smaller in Texas, and near unchanged in Colorado. According to the closing report, the Iowa hog base is $1.62 lower compared with the Prior Day settlement ($58.50-63.00, weighted average $61.78). Corn futures settled generally 3 cents higher, supported by short-covering and dry global weather. U.S. stocks closed more than 1% higher, building on their best weekly gain of 2016, as oil prices climbed. The Dow closed 228 points higher with the Nasdaq better by 66.