DTN Closing Livestock Comment 07/14 16:23

DTN Closing Livestock Comment 07/14 16:23 Live Cattle Advance by Triple Digits for Second Consecutive Day The cattle complex rolled sharply higher, extending its recovery with the help of short-covering, technical-buying and suggestions of greater cash stability. On the other hand, lean hog futures settled on a mixed basis with nearby contracts losing ground to their deferred counterparts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle market remained essentially untested with just a handful of dressed deals market at $187. For the most part, feedlot managers passed bids well under asking prices of $120-$122 in the South and $190 to $192-plus in the North. According to the closing report, the national hog base is $1.34 lower compared with the Prior Day settlement ($67.00-$74.75, weighted average $73.85). Corn rallied early on hot weather concerns but sold off late thanks to commercial selling and spillover bearishness from the bean pit. 2016 corn issues settled 3-5 cents lower than Wednesday (12-16 cents below early session highs). The stock market closed higher after the Bank of England hinted at looser monetary policy next month and as earnings season kicked into full gear. The Dow closed 134 points higher with the Nasdaq stronger by 28.