DTN Closing Livestock Comment 07/01 15:17
1 Jul 2016
DTN Closing Livestock Comment 07/01 15:17 Pre-Holiday Cattle Paper Drops Hard in Light Volume Live and feeder futures closed sharply higher, pressured by late-week profit-taking and a general lack of buying interest. Lean hog issues settled mixed with August through December gaining on both spot July and 2017 contracts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light trade volume was limited to parts of the northern tier of cattle feeding country. Clean-up business was marked in Nebraska at $195-196, steady with Thursday's market and $8 higher than last week. According to the closing report, the national hog base is $0.77 lower compared with the Prior Day settlement ($71.00-$79.50, weighted average $77.58). Capping a tough week, corn futures faltered by another nickel or so, pressured by follow-through selling and theoretical prospects for a bumper crop. U.S. stocks traded mostly higher on the first trading day of the quarter, supported by better-than-expected manufacturing data. The Dow closed 17 points higher with the Nasdaq positive by 19.