DTN Closing Livestock Comment 06/08 16:31
8 Jun 2016
DTN Closing Livestock Comment 06/08 16:31 Live and Feeder Contracts Recover With Triple-Digit Gains The cattle complex settled sharply higher, supported by aggressive short-covering, technical buying and tall cash premiums. Lean hog futures closed solidly higher thanks to strong seasonal fundamentals and spillover buying from cattle markets. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade remained untested Wednesday with just a few scattered bids reported here and there (i.e., $203-$206 in the North, $125 in the South). Asking prices of $130-$132 South and $210-plus North firmed through the day as the board worked higher. According to the closing report, the national hog base is $0.83 higher compared with the Prior Day settlement ($69.00-$80.00, weighted average $78.03). The corn rally was extended by 3-4 cents Wednesday, boosted by runaway bullishness of the soy complex and warnings of cold temperatures in Brazil. U.S. equities closed higher with materials and industrial stocks leading the way. The Dow closed 66 points higher with the Nasdaq better by 12.