DTN Closing Livestock Comment 11/09 17:02
9 Nov 2016
DTN Closing Livestock Comment 11/09 17:02 Cattle Futures Respond to Trump Victory by Closing Mixed Live and feeder contracts closed on a mixed basis once outside markets calmed in post-election trading. Lean hog futures settled moderately lower, checked by profit-taking and long liquidation. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country was generally slow at midweek with just a few live bids scattered at $101. The Fed Cattle Exchange sold right at 11,000 head on the internet Wednesday (roughly 81% of the total showlist) with a weight average closed to $103. The full ranged looked about $1-$2 lower than last week. According to the closing report, the national hog base is $0.59 lower compared with the Prior Day settlement ($39.50-$42.50, weighted average $41.41). The corn market crashed with losses of 13 cents plus, pressured by USDA increasing its estimate of 2016 corn production to a record-high 15.23 billion bushels (based on a record yield of 175.3 bpa). U.S. stocks surged more than 1% with financials and health care leading after Republican Donald Trump won the presidential election. The Dow closed 256 points higher with the Nasdaq better by 57.