DTN Closing Livestock Comment 07/06 16:20
6 Jul 2016
DTN Closing Livestock Comment 07/06 16:20 2016 Lean Hog Futures Slammed Hard on Close August through December lean hog contracts closed sharply lower, pressured by aggressive long liquidation and signs that the summer market has topped. The cattle complex settled moderately lower in the live market and mixed in the feeder trade. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Fed cattle buyers stayed in the shade through the day, avoiding the hot sun and their assigned procurement chores for the moment. Just a few bids were noted at $119 in parts of the South and $192 in parts of the North. According to the closing report, the national hog base is $0.11 lower compared with the Prior Day settlement ($72.00-79.50, weighted average $77.76). Corn futures continued to bleed profusely, closing another 8-9 cents lower thanks to near-ideal growing weather across the Midwest. Prices hit a 21-month low. U.S. stocks closed higher, supported by rising oil prices. The Dow closed 78 points higher with the Nasdaq better by 36.