DTN Closing Livestock Comment 04/26 16:50
26 Apr 2016
DTN Closing Livestock Comment 04/26 16:50 Cattle Contracts Extend Recovery With Triple-Digit Gains Live and feeder cattle futures closed sharply higher once again thanks to aggressive short-covering and ideas of stabilizing cash business. On the other hand, lean hog contracts settled moderately lower, checked by follow-through selling and uncertain cash/product potential. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle market Tuesday was a nonevent with both opening bids and asking prices hard to find. A few Southern showlists were priced around $130. According to the closing report, the national hog base is $1.31 higher compared with the Prior Day settlement ($59.00-$68.50, weighted average $66.47). The corn trade was hiked a nickel or more higher despite news of strong planting progress. Commercial buying was given most of the credit. Equities closed mixed with energy leading as oil climbed. The Dow closed up 13 points with the Nasdaq off 7.