DTN Closing Livestock Comment 09/02 15:58
2 Sep 2016
DTN Closing Livestock Comment 09/02 15:58 Further Long Liquidation Prolongs Cattle Futures Crash The cattle complex closed sharply higher for the second consecutive session, hammered by long-liquidation and technical selling. Lean hog contracts closed substantially lower, especially in the first three months. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Scattered late-week sales were evident in parts of feeding country. The best test seemed to be in Nebraska where several thousand live steers and heifers sold at 108.00-110.00 (steady to $2.00 lower than Thursday, but $5.00-7.00 lower than last week). The National hog base closed $0.83 lower compared with the Prior Day settlement ($52.00-$61.00, weighted average $58.21). From Friday to Friday livestock futures scored the following Changes: Oct LC, Off $4.75; Dec LC, Off $4.63; Sep FC, Off $5.05; Oct FC, Off $3.88, Oct LH, Off $0.57, Dec LH, Off $1.25. Corn futures closed .04-.05 cents higher supported by pre-holiday short-covering and profit taking. Despite a disappointing jobs report, the stock market closed higher, the Dow advanced by 72 points with the Nasdaq better by 22.