DTN Closing Livestock Comment 10/13 16:15
13 Oct 2016
DTN Closing Livestock Comment 10/13 16:15 Cattle Futures Plunge Out of Control Once again, live and feeder contracts imploded with triple-digit losses, collapsing further under the weight of long liquidation and technical-selling. Lean hog issues settled modestly higher, supported by short-covering and stabilizing fundamentals. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light-to-moderate trading in feedlot country surfaced for the second consecutive day with significantly lower prices (i.e., $98-$98.50 in the South, mostly $4 lower; $154 in the North, mostly $5 lower). According to the closing report, the national hog base is $1.15 lower compared with the Prior Day settlement ($43.00-48.25, weighted average $45.69). The corn market finished sharply higher (generally 12 cents higher), quickly recovering Wednesday's post-report sell-off and then some. U.S. stocks fell on Thursday, but closed well off session lows thanks to rising oil prices, The Dow closed 45 points lower with the Nasdaq off by 25.