DTN Closing Livestock Comment 04/27 16:07
27 Apr 2016
DTN Closing Livestock Comment 04/27 16:07 Lean Hog Futures Charge Higher With Triple Digit Gains Hog paper closed sharply higher at midweek, supported by improving fundamentals and aggressive short-covering. At the same time, cattle futures settled mostly lower with live issues losing ground to their feeder counterparts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cash potential in cattle country was only broadly defined along the edges Wednesday with packer bids of $124 and $192 to $196 countered by asking prices of $130-plus and $205-plus. Neither side seemed too interested in getting down to business. According to the closing report, the national hog base is $1.88 higher compared with the Prior Day settlement ($59.00-70.00, weighted average $68.36). Corn futures forfeited 1-4 cents on the close, trimmed by slow volume and a general lack of buying interest. U.S. stocks closed mixed as investors considered the Federal Open Market Committee's post-meeting statement. The Dow closed 51 points higher with the Nasdaq off by 35.