DTN Closing Livestock Comment 02/29 16:22
29 Feb 2016
DTN Closing Livestock Comment 02/29 16:22 Late Profit-Taking Trims Early Session Cattle Rally The cattle complex closed on a mixed basis once bulls moved to take profits through the second half of the session. Lean hog futures also settled with uneven prices with nearbys losing ground to deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cattle feeding country was typically quiet with packers focusing on the collection of new showlists and little else. Ready numbers are mixed, larger in Texas but smaller in Colorado, Nebraska, and Texas. According to the closing report, the Iowa hog base is .55 higher compared with the Prior Day settlement ($56.00-64.00, weighted average $62.96). Corn futures drifted several cents lower, pressured by light commercial selling and a general dearth of constructive news. U.S. stocks closed lower Monday as the S&P 500 and Nasdaq composite ended February with losses. The Dow settled 123 points higher with the Nasdaq off 52.