DTN Closing Livestock Comment 11/16 16:49
16 Nov 2016
DTN Closing Livestock Comment 11/16 16:49 Triple-Digit Gains Flood Livestock Trade Midweek Strong buyer support quickly developed through the entire livestock market Wednesday as cattle and hog futures posted aggressive triple-digit gains. Live cattle and lean hog futures broke out of previous market ranges, drawing additional support back into the market and potential follow-through interest later through the week. By Rick Kment DTN Analyst GENERAL COMMENTS: Cash cattle markets quickly developed midweek with active trade developing through most areas with trade firmly higher. Southern business was done on live basis with most deals seen at $108 to $109 per cwt, which is $3 to $5 higher than last week. Northern dressed trade started to explode at $170 per cwt, which is $8 higher than last week's price level. According to the closing report, the national hog base is $0.24 lower compared with the Prior Day settlement ($38.50-$41.50, weighted average $40.43). The corn trade settled 3 cents lower, limited by softness through the rest of the grain complex. The Dow closed 54 points lower with the Nasdaq up 18.