DTN Closing Livestock Comment 09/13 16:08
13 Sep 2016
DTN Closing Livestock Comment 09/13 16:08 Lean Hog Contracts Implode on Supply Fears Lean hog futures collapsed further Tuesday with triple-digit losses. At the same time, cattle contracts closed sharply lower, trimmed by profit-taking and spillover selling from the hog market. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle market remained untested with neither bids nor asking prices well defined. A few feedlot managers in the South priced ready steers and heifers around $110. According to the closing report, the national hog base is $0.52 lower compared with the Prior Day settlement ($52.00-$59.00, weighted average $56.83). The corn trade was hit hard by long liquidation, commercial selling and early harvest pressure. Closing prices generally ranged from 8-10 cents lower. U.S. stocks closed sharply lower as investors digested a spike in volatility and falling oil prices. The Dow closed 258 points lower with the Nasdaq off 56.