DTN Closing Livestock Comment 09/20 15:54
20 Sep 2016
DTN Closing Livestock Comment 09/20 15:54 Lean Hog Futures Grab Dead-Cat Bounce Hog paper settled moderately higher, supported by short-taking profits and techs sensing oversold chart conditions. The cattle complex settled mixed in the live market and lower in the feeder trade. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle arena remained undisturbed with just a small handful of bids and asking prices casually tossed in the ring (e.g., $108 bid, $115 asked, basis parts of Texas). Generally speaking, buyers and sellers just sat on their hands, waiting in part for the board to be more suggestive, one way or the other. According to the closing report, the national hog base is $0.90 lower compared with the Prior Day settlement ($48.00-$54.00, weighted average $52.35). Corn futures closed generally 3 cents higher, supported by surging bean prices and some threat of wet harvest conditions. The stock market closed modestly higher with the Dow up 9 points and the Nasdaq better by 6.