DTN Closing Livestock Comment 07/05 15:59
5 Jul 2016
DTN Closing Livestock Comment 07/05 15:59 Cattle Futures Return From Holiday to Stage Bullish Reversals The cattle complex opened sharply lower but eventually reversed to close with impressive gains. On the other hand, lean hog futures settled on a mixed basis with nearbys generally losing ground to deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in feedlot country was limited to the distribution of new showlists. Ready numbers appear to be generally larger with only Kansas offering a few less fat steers and heifers. While not well defined, a few asking prices in the South were suggested around $125. According to the closing report, the national hog base is $0.22 higher compared with the Prior Day settlement ($73.00-$80.00, weighted average $77.87). Friendly growing weather caused corn futures to tank further with most contracts slipping another 8-9 cents lower. U.S. stocks closed under pressure tied to record lows in the benchmark 10-year Treasury yield as global investor continues to seek security in the wake of Brexit. The Dow settled 108 points lower with the Nasdaq off 39.