DTN Closing Livestock Comment 07/22 15:48
22 Jul 2016
DTN Closing Livestock Comment 07/22 15:48 Meat Futures End Week With Triple-Digit Recovery Live and feeder cattle futures settled sharply higher, powered by aggressive short-covering, the technical correction of oversold charts, and positioning ahead of the July 1 Cattle on Feed report. Lean hog contracts also closed sharply higher, supported by late-week short-covering and profit-taking. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following Changes: Aug LC, Off $0.97; Oct LC, Off $1.78; Aug FC, Off $2.37; Sep FC, Off $2.58, Jul LH, Off $4.73, Aug LH, Off $14.02. The late week cash cattle trade was very slow with bids and asking prices difficult to identify. Looking back, it looks like most of the week's business was completed on Wednesday and Thursday. According to the closing report, the national hog base is $0.47 lower compared with the Prior Day settlement ($63.00-$70.75, weighted average $69.41). Corn futures closed higher, up 3/4 cent in the September and up 1 cent in the December.