DTN Closing Livestock Comment 10/28 16:21
28 Oct 2016
DTN Closing Livestock Comment 10/28 16:21 Lean Hog Futures Surge Sharply Higher, Strongly Suggesting Seasonal Bottom Lean hog futures closed again with triple-digit gains, supported by late-week short-covering and technical buying. On the other hand, cattle futures ignored significant feedlot strength and reversed lower on the close. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle market traded significantly higher in all areas today. Live business in the South was mostly marked at $105, $5 to $6 higher than last week's weighted averages. Along the same lines, Northern dressed business took place at $164, nearly $7 better than last week's weighted average basis Nebraska. Trade volume totals were generally moderate to fairly active. According to the closing report, the national hog base is $0.18 lower compared with the Prior Day settlement ($42.50-$46.00, weighted average $44.48). Corn futures closed lower Friday, down 2 1/2 in the December contract and down 3 in the March.