DTN Closing Livestock Comment 09/08 15:58
8 Sep 2016
DTN Closing Livestock Comment 09/08 15:58 Cattle Bears Reclaim Much of Wednesday's Rally Live and feeder futures failed to attract follow-through buying, reversing instead triple digits. On the other hand, lean hog contracts settled narrowly mixed linked to residual buying interest and profit-taking. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Moderate trade volume at sharply lower prices surfaced in nearly all areas of cattle feeding country. Live sales in the South were marked at $105, $4-$5 lower than last week. Most of the dressed business in the North took place at $166, $4 lower than Wednesday's light test and $8-$9 below last week's weighted average basis Nebraska. According to the closing report, the national hog base is $0.60 lower compared with the Prior Day settlement ($52.00-$60.00, weighted average $57.89). Corn futures closed 5-6 cents higher, boosted by soggy field conditions from Kansas to Indiana. U.S. stocks closed lower, ignoring a surge in oil prices. The Dow closed 46 points lower with the Nasdaq off 24.