DTN Closing Livestock Comment 09/01 16:17
1 Sep 2016
DTN Closing Livestock Comment 09/01 16:17 Cattle Futures Bury Bullish Key Reversal With Triple-Digit Loss The cattle complex imploded today thanks to aggressive long liquidation and technical selling. Positively, lean hogs settled moderately higher, supported by pre-holiday short-covering and profit-taking. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light trade volumes were reported in most parts of feedlot country Thursday with live biz in the South at $110 (steady with Wednesday but $5 below last week) and dressed deals in the North at $173-$175 (steady to $2 lower than Wednesday and $6-$8 lower than last week). According to the closing report, the national hog base is .14 lower compared with the Prior Day settlement ($53.00-61.00, weighted average $59.06). Bouncing off a seven-year low, the corn market closed 8-9 cents higher thanks in part to renewed commercial buying interest. U.S. stocks closed mostly flat as investors digested a slew of economic data (e.g., ISM manufacturing index, the Markit manufacturing PMI index ahead of Friday's key jobs report. The Dow closed 18 points in the green with the Nasdaq better by 13.