DTN Closing Livestock Comment 09/12 16:33
12 Sep 2016
DTN Closing Livestock Comment 09/12 16:33 Cattle Futures Extend Recovery With Sharp Early Week Gains Live and feeder futures closed sharply higher thanks to aggressive short-covering and technical-buying. The lean hog trade settled mostly lower with only spot October scoring modest progress. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country was typically quiet as a new trading week was kicked off. Packer efforts were limited to the collection of new showlists. Ready numbers appear to be generally smaller with only Colorado showing more cattle. According to the closing report, the national hog base is $0.63 lower compared with the Prior Day settlement ($52.00-$59.00, weighted average $57.35). Corn futures closed about a penny plus lower, somewhat pressured by the latest USDA estimate of the maturing corn crop at over 15 billion bushels. U.S. stocks closed sharply higher on Monday after Fed Governor Lael Brainard advised "prudence" with regard to interest rates. The Dow closed 239 points higher and the Nasdaq settled up 85.