DTN Closing Livestock Comment 11/08 16:30
8 Nov 2016
DTN Closing Livestock Comment 11/08 16:30 Cattle Futures Swing Back From Election Eve Collapse Live and cattle futures closed sharply higher, supported by short-covering and Election Day positioning. For the most part, lean hog contracts settled moderately higher with the help of follow-through buying and light spec buying. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Besides a few scattered bids in parts of the North (i.e., $101 live, $159 dressed), the cash cattle trade was slower than poll watching in Death Valley. Asking prices remained poorly defined with country expectations puzzled in the face of volatile futures. According to the closing report, the national hog base is $0.11 lower compared with the Prior Day settlement ($40.00-$42.75, weighted average $42.01). Corn futures surged 7-8 cents higher, powered by commercial buying and ideas of strong export demand. Equities erased early losses to close higher, as investors kept their focus on the tight presidential race. The Dow closed 75 points higher with the Nasdaq up 27.