DTN Closing Livestock Comment 08/15 16:07
15 Aug 2016
DTN Closing Livestock Comment 08/15 16:07 Hog Futures Launch Week With Triple-Digit Gains Lean hog futures closed sharply higher, supported by aggressive short-covering, oversold charts and ideas of stabilizing fundamentals. The cattle complex closed mixed in the live trade and moderately lower in the feeder market. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in feedlot country was limited to the distribution of new showlists. The mid-month offering appears to be mixed, larger in the South and smaller in the North. No suggestions were made either in terms of bids or asking prices. According to the closing report, the national hog base is $0.63 higher compared with the Prior Day settlement ($58.00-$65.75, weighted average $65.12). Corn futures settled 3-4 cents higher, supported by commercial buyers and spillover strength from the bean market. U.S. stocks rallied through the session with the three major indexes posting simultaneous record closes for the second time in less than a week. The Dow closed 59 points higher with the Nasdaq better by 29.