DTN Closing Livestock Comment 07/25 16:23
25 Jul 2016
DTN Closing Livestock Comment 07/25 16:23 Cattle Futures Explode With Limit Gains The cattle complex set the new week on fire by advancing with limit gains, sparked by follow-through buying and confirmation of lighter-than-expected June placement activity. On the other hand, lean hog issues settled moderately higher, supported by residual buying interest and the correction of oversold charts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cattle buying efforts were limited to the collection of new showlists. The late-month offering appears to be somewhat larger than last week. According to the closing report, the national hog base is .87 lower compared with the Prior Day settlement ($63.00-70.86, weighted average $68.54). Corn futures settled fractionally lower, modestly checked by crop-friendly weather ideas. Equities closed lower in light volume trade with energy stocks lagging as oil prices briefly hit their lowest in nearly three months. The Dow closed 77 points lower with the Nasdaq off by 2.