DTN Closing Livestock Comment 07/11 16:24

DTN Closing Livestock Comment 07/11 16:24 Cattle Futures Start New Week With Major Implosion Live and feeder futures launched the first full week of July with sharply lower prices, pressured by aggressively low liquidation and technical selling. Lean hog contracts settled moderately lower, checked by lackluster fundamentals and spillover bearishness from the cattle complex. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country was typically quiet as packers limited efforts to the collection of new showlists. It looks like the new offering of fed steers and heifers are generally larger than last week. Asking prices were not well defined. Indeed, pricing waters became increasingly muddy through the day as board discounts burrowed deeper and deeper. According to the closing report, the national hog base is $0.34 lower compared with the Prior Day settlement ($71.00-$77.25, weighted average $76.56). Corn futures finished 6-7 cents lower, pressured by forecasts of timely rains across the Midwest. U.S. stocks closed higher on Monday as investors cheered an election in Japan and extended a jobs-report rally. The Dow closed 80 points higher with the Nasdaq positive by 31.