DTN Closing Livestock Comment 10/25 16:31
25 Oct 2016
DTN Closing Livestock Comment 10/25 16:31 Lean Hog Futures Close With Impressive Gains Hog contracts settled sharply higher thanks to bull-spreading and decent product demand in the face of record production. On the other hand, cattle futures closed mostly lower, pressured late by profit-taking and long liquidation. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade didn't move a muscle Tuesday with buyers and sellers slow in considering their next move. Some ready cattle in the South were priced around $105, but for the most part feedlot managers were to price showlists. According to the closing report, the national hog base is 0.08 higher compared with the Prior Day settlement ($42.50-46.00, weighted average $45.32). Corn futures finished about a penny higher on limited short-covering in light volume. U.S. stocks closed lower tied to mixed news in one of the busiest days of the earnings season (e.g., Proctor & Gamble good, 3M not so good). The Dow closed 53 points lower with the Nasdaq down by 26.