DTN Closing Livestock Comment 10/03 16:33

DTN Closing Livestock Comment 10/03 16:33 Deferred Lean Hog Futures Surge Sharply Higher 2017 lean hog contracts closed significantly higher, supported by aggressive bear-spreading and deferred short-covering. The cattle complex settled on a mixed basis at the conclusion of a very choppy session. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in the feedlot arena was typically limited to the distribution of new showlists. The early month offering appears to be generally smaller than last week with only Colorado showing about the same number of ready steers and heifers. Preliminary asking prices were slow in developing. According to the closing report, the national hog base is $0.64 lower compared with the Prior Day settlement ($44.00-$48.50, weighted average $47.55). Surprisingly, corn futures scored substantial progress as combines moved deeper into a big harvest. Contracts advanced by no less than 9 cents with spot December setting a new four-week high. Equities closed lower as investors digested key economic news (e.g., auto sales, the ISM Manufacturing index) and monitored oil prices. The Dow closed 54 points lower with the Nasdaq off 11.