DTN Closing Livestock Comment 11/07 16:14
7 Nov 2016
DTN Closing Livestock Comment 11/07 16:14 Cattle Slammed With Technical Selling Technical selling and long liquidation overwhelmed cattle futures through the new week's opening round. On the other hand, lean hog futures settled solidly higher, supported by short-covering and positive ideas of a seasonal bottom. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country was typically slow to start the first full week of November with buyers and sellers focusing almost exclusively on the distribution of new showlists (a few scattered bids were reported in parts of the South at $102). Ready numbers are mixed, smaller in the South and some larger in the North. According to the closing report, the national hog base is $0.46 lower compared with the Prior Day settlement ($41.00-$43.00, weighted average $42.15). The corn market closed 2 cents plus, checked by pre-election nervousness. U.S. equities kicked off the week on a high note, closing sharply higher after the FBI again cleared Democratic nominee Hillary Clinton over her use of a private server. The Dow closed 371 points higher with the Nasdaq up by 119.