DTN Closing Livestock Comment 10/27 16:52
27 Oct 2016
DTN Closing Livestock Comment 10/27 16:52 Hog Contracts Rip Higher With Triple-Digit Gains Lean hog futures settled sharply higher, supported by growing confidence that a reliable market bottom is now in place. The cattle complex closed solidly higher in the live market and narrowly mixed in the feeder trade. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Although a small set of higher bids surfaced in parts of cattle feeding country Thursday, for the most part the cash trade remained untested. Some scattered biz was reported in pockets of Nebraska and Iowa (e.g., $101-$102 live, $160-$162 dressed), but not enough to seriously call of trend. According to the closing report, the national hog base is $0.86 lower compared with the Prior Day settlement ($42.50-$46.00, weighted average $44.75). Supported by another round of commercial buying, corn futures settled another 3 cents higher. U.S. equities closed lower as investors sorted through a fresh batch of corporate earnings. The Dow closed 29 points lower with the Nasdaq down by 34.