DTN Closing Livestock Comment 07/19 15:49

DTN Closing Livestock Comment 07/19 15:49 Cattle Futures Take Back Yesterday's Rally and Then Some Live and feeder contracts closed sharply lower, pressed by aggressive long liquidation and ongoing worries about midsummer cash stability. Lean hog issues finished mostly lower thanks to further struggles in the cash trade and a general lack of buying interest. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light cattle trading was picked up in parts of the North at $186 to $187, steady to $1 lower basis Nebraska. It also sounds like a few deals were struck in Kansas at $115, $2 lower than last week. But for the most part bids and asking prices remains poorly defined. According to the closing report, the national hog base is .35 lower compared with the Prior Day settlement ($65.00-73.00, weighted average $71.71). Corn futures settled sharply lower, off 14-15 cents in nearby contracts. Excellent crop ratings seemed to trump the threat of extremely hot temperatures over much of the Corn Belt. Wall Street closed mixed as investors digested second-quarter earnings. The Dow Jones industrial average closed at a record high for the sixth day in a row, with McDonald's contributing the most to gains. The Dow closed 23 points higher with the Nasdaq off 19.