DTN Closing Livestock Comment 08/01 16:10
1 Aug 2016
DTN Closing Livestock Comment 08/01 16:10 Cattle Futures Surge Higher in Response to Greater Packer Spending Live and feeder contracts screamed higher on the first day of August, spurred by aggressive short-covering and stronger feedlot sales late last week. With the exception of spot August, lean hog futures also jumped sharply higher thanks to profit-taking and the correction of oversold charts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in feedlot country was typically limited to the distribution of new showlists. Ready numbers appear to be mixed, larger in Colorado, smaller in Kansas and Texas, and near steady in Nebraska. Asking prices were not well defined. According to the closing report, the national hog base is $1.04 lower compared with the Prior Day settlement ($61.00-$67.75, weighted average $65.03). Corn futures stumbled into August, closing 8 cents plus lower thanks to improving yield prospects and spillover bearishness from the bean trade. U.S. equities closed mixed in the face of falling oil prices. The Dow settled 27 points lower with the Nasdaq up 22.