DTN Closing Livestock Comment 04/28 16:36
28 Apr 2016
DTN Closing Livestock Comment 04/28 16:36 Cattle Futures Implode Thanks to Long Liquidation, Beef Demand Worries Live and feeder cattle contracts were socked with triple-digit losses, pressured by long liquidation, technical selling, and signs of struggling seasonal demand. Lean hog futures closed with a firm undertone, especially in the summer contracts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light to moderate business developed in cattle-feeding country with the best action evident in eastern Nebraska. Most Northern dressed sales were marked at $196, generally $4 lower than last week. Scattered live deals were reported in parts of the South at $124, $3 lower than the week before. According to the closing report, the national hog base is .18 higher compared with the Prior Day settlement ($62.00-70.50, weighted average $68.41). Corn futures finished 5-6 cents higher, supported by last week's export sales of 85.1 million bushels, a new marketing year high. U.S. stocks closed about 1% lower as fresh declines in Apple weighed on the major averages. The Dow closed 210 points lower with the Nasdaq off 57.