DTN Closing Livestock Comment 09/15 17:17
15 Sep 2016
DTN Closing Livestock Comment 09/15 17:17 Cattle Recovery Continues to Roll Higher The cattle complex closed significantly higher, powered by aggressive short-covering, technical-buying and improving cash prospects. Lean hog futures finished on a mixed basis with nearbys gaining on deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: While more cattle bids surfaced through the day (i.e., $104 in the South, $166-$168 in the North), nothing looked good enough to attract selling interest. Indeed, asking prices seemed to firm thanks to the board's firming undertone. According to the closing report, the national hog base is $0.76 lower compared with the Prior Day settlement ($52.00-$55.00, weighted average $54.59). Corn futures closed several cents lower at the conclusion of a lackluster session with light trade volume. U.S. stocks closed sharply higher as investors sorted through mixed economic data ahead of the Federal Reserve's next meeting. The Dow closed 177 points higher with the Nasdaq better by 75.