DTN Closing Livestock Comment 02/25 16:15
25 Feb 2016
DTN Closing Livestock Comment 02/25 16:15 Nearby Live Cattle Contract Surge to New Four-Month Highs The cattle complex settled mostly higher with the feeder market especially dominated by triple-digit gains. Lean hog futures finished moderately lower, checked by profit-taking and long liquidation. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle market remained untested through the day with just a few regional buyers in the North bidding as high as $121. Asking prices held firm ground around $138-$140 in the South and $215-plus in the North. According to the closing report, the Iowa hog base is $0.79 higher compared with the Prior Day settlement ($55.00-66.50, weighted average $65.42). Corn futures continued to struggle, closing generally 4 cents lower as USDA Outlook estimated plantings at 90 million acres, 2% more than last year. Helped by higher oil prices, the stock market landed a decent rally: the Dow closed 212 points higher with the Nasdaq better by 39.