DTN Closing Livestock Comment 03/10 16:57
10 Mar 2016
DTN Closing Livestock Comment 03/10 16:57 Cattle Futures Explode to New Yearly Highs The cattle complex settled significantly higher, supported by aggressive short-covering, technical-buying and firm cash expectations. Lean hog futures closed mostly moderately higher thanks to follow-through buying and seasonal optimism. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Packer inquiry in cattle country remain light through the day with just a few bids of $212 noted in parts of the North. Asking prices firmed to generally $140 in the South and $220 in the North. According to the closing report, the Iowa hog base is $1.13 higher compared with the Prior Day settlement ($54.00-$66.00, weighted average $65.27). The corn market settled 2-3 cents higher, boosted by a sharp brake in the U.S. dollar. Equities closed mostly lower, pressured from low oil prices and concerns about the effectiveness of monetary policy following the morning's announcements from the European Central Bank. The Dow settled 5 points lower with the Nasdaq off 12.