DTN Closing Livestock Comment 07/28 16:22
28 Jul 2016
DTN Closing Livestock Comment 07/28 16:22 Major Crash in Lean Hog Futures Continues Triple-digit losses once again plagued the lean hog trade, powered by technical selling and bearish fundamentals. The cattle complex ended a four-day rally by closing significantly lower. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Though packer inquiry improved marginally through the day, the cash cattle trade remained untested. Generally speaking, bids and asking prices were separated by at least $6-$6 on a live basis (e.g., $114 versus $120 basis the South). According to the closing report, the national hog base is $1.19 lower compared with the Prior Day settlement ($61.00-$68.50, weighted average $66.62). Corn futures settled 3-4 cents lower, pressured by beneficial showers over parts of dry Ohio and moderating temperature across much of the growing area. U.S. stocks closed mostly higher amid declines in oil prices. The Dow closed 15 points lower with the Nasdaq stronger by 15.