DTN Closing Livestock Comment 07/21 16:41
21 Jul 2016
DTN Closing Livestock Comment 07/21 16:41 Bearish Roof Collapses Over Meat Futures Aggressive long liquidation and midsummer demand worries caused cattle and hog futures to implode with triple-digit losses. New contract lows were established in every corner. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Although some packer inquiry was evident in the early rounds, cattle buying interest quickly evaporated once futures began to tumble. The crashing board also made it very difficult for feedlot managers to know where to price ready steers and heifers. According to the closing report, the national hog base is $1.34 lower compared with the Prior Day settlement ($64.00-$71.00, weighted average $69.86). The corn market settled generally 3 cents lower, checked by ideas of bearish production potential despite the immediate hot sun. U.S. stocks closed lower, snapping the Dow's nine-day winning streak, pressured by lower oil prices and market consolidation. The Dow closed 77 points lower as the Nasdaq faded by 16.