DTN Closing Livestock Comment 10/19 15:24
19 Oct 2016
DTN Closing Livestock Comment 10/19 15:24 Cattle Markets Weaken Midweek on Triple-Digit Sell-off Aggressive pressure quickly swept through cattle markets Wednesday afternoon with live cattle and feeder cattle markets each posting triple-digit losses as traders quickly back away from earlier gains. This is expected to spark additional liquidation concerns over the next several trading sessions. By Rick Kment DTN Analyst GENERAL COMMENTS: Sharp losses flooded into cattle futures markets as early week buyer support quickly weakened and allowed for widespread liquidation to develop midweek. The activity in cattle markets allowed for lean hog futures to remain relatively inactive through the midweek session as prices were mixed in a narrow range. According to the closing report, the national hog base is $0.26 lower compared with the Prior Day settlement ($43.00-47.50, weighted average $45.81). Corn futures closed firmly higher in a tight trading range in nearby contract months, with nearby contracts 3 1/2 to 3 3/4 cent per bushel.