DTN Closing Livestock Comment 06/27 16:17
27 Jun 2016
DTN Closing Livestock Comment 06/27 16:17 Live Cattle Futures Land Triple-Digit Recovery The cattle complex opened the week with a decent short-covering rally with live issues generally outperforming their live counterparts. Lean hog futures settled on a mixed basis with nearbys losing ground to their deferred counterparts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in cattle country Monday was typically limited to the distribution of new showlists. Generally speaking, the new offering appears to be smaller than last week, especially in the South. According to the closing report, the national hog base is $0.35 lower compared with the Prior Day settlement ($74.00-$81.75, weighted average $80.65). Despite surging bean prices, corn futures settled no better than fractionally mixed in lackluster trade volume. Market and economic uncertainty linked to Brexit continued to hammer away at the stock market. The Dow closed an additional 260 points lower with the Nasdaq off 113.