DTN Closing Livestock Comment 08/18 16:16
18 Aug 2016
DTN Closing Livestock Comment 08/18 16:16 Cattle Futures Crash Below Technical Support The cattle complex was overwhelmed Thursday with triple-digit losses. The high tide of selling was powered by long liquidation and technical bearishness. Lean hog contracts settled moderately lower, pressured by nervousness regarding late-year fundamentals. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Moderate cash cattle trading surfaced in most areas as lower bids successfully generated decent trade volume. Most live sales in the South were marked at $118, $1 lower than last week. Dressed deals in the North ranged from $186-$187, steady to $1 lower than last week's weighted average basis Nebraska. According to the closing report, the national hog base is $1.24 compared with the Prior Day settlement ($55.00-$64.25, weighted average $62.07). Closing higher for the fifth consecutive session, corn contracts advanced by generally 2-3 cents. U.S. equities closed slightly higher, supported in part by surging oil prices. The Dow closed 23 points higher with the Nasdaq better by 11.