DTN Closing Livestock Comment 07/18 16:42
18 Jul 2016
DTN Closing Livestock Comment 07/18 16:42 Another Round of New Contract Lows for 2017 Lean Hog Issues Lean hog futures closed lower, but well above early session lows. The cattle complex opened lower but successfully closed with impressive progress. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cattle country was typically quiet with packers limiting efforts to the gathering of new showlists. Ready numbers appear to be generally smaller than last week. According to the closing report, the national hog base is $0.53 lower compared with the Prior Day settlement ($65.00-$73.50, weighted average $72.85). After a slow start, corn futures recruited enough buyers to close 5 to 6 cents higher. Forecasts of extremely hot temperatures this week over much of the growing area proved supportive. U.S. stocks closed at all-time highs Monday as Bank of America's quarterly results helped investor confidence going into earnings season. The Dow closed 16 points higher with the Nasdaq positive by 26.