DTN Closing Livestock Comment 06/20 16:26
20 Jun 2016
DTN Closing Livestock Comment 06/20 16:26 Live Cattle Hammered in Week's Opening Session The cattle complex closed sharply lower Monday thanks to aggressive long liquidation and technical selling. The lean hog settled narrowly mixed tied to uneven spreading interest in light volume. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cattle feeding country was typically quiet as packers limited early week efforts to the collection of new showlists. Ready fed numbers are generally larger than last week, a consequence of unsold cattle from last week carried over and the seasonal trend. According to the closing report, the national hog base is $0.22 higher compared with the Prior Day settlement ($73.00-$82.00, weighted average $80.03). The corn market slumped sharply with 2016 contracts losing 15-16 cents. The lack of buying interest seemed to be weather related tied to cool temps and some chances of rain. U.S. stocks closed higher amid gains in oil prices, as fears of a Brexit subsided. The Dow closed 129 points higher with the Nasdaq up 36.