DTN Closing Livestock Comment 03/17 15:47
17 Mar 2016
DTN Closing Livestock Comment 03/17 15:47 Cattle Futures Pull Back From Early Gains Cattle futures turned lower in afternoon trade as the lack of support in beef values on the morning boxed beef cutout report created uncertainty about futures beef market and overall market support. Cash trade remains quiet, which is not surprising given packers' ability to consistently hold out until the end of the week over the past several weeks. By Rick Kment DTN Analyst GENERAL COMMENTS: Cash cattle activity is still at a standstill Thursday afternoon, although scattered bids are starting to develop. Asking prices continue to remain at $143 in South and $225 across the North, indicating that trade will likely be seen sometime Friday, potentially delayed until after the Cattle on Feed report. According to the closing report, the Iowa hog base is $0.32 lower compared with the Prior Day settlement ($55.00-$62.30, weighted average $62.77). The corn market closed mixed, up 1/4 cent in the May and down 1/4 cent in the December.