DTN Closing Livestock Comment 11/21 16:34
21 Nov 2016
DTN Closing Livestock Comment 11/21 16:34 Lean Hog Futures Sustain Triple-Digit Gains Through Opening-Week Session Hog paper closed sharply higher, supported by aggressive short-covering and technical-buying. On the other hand, cattle futures closed no better than mixed, substantially trimmed late in the session by profit-taking and long liquidation. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in cattle country was typically limited to the distribution of new showlists. Ready numbers appear to be mixed, larger in Nebraska and Kansas but smaller in Texas and Colorado. Overall, the short week offering looks somewhat larger than the previous week. Asking prices were defined, though we assume they will eventually be identified as $2 or more higher than last week on a live basis. According to the closing report, the national hog base is $0.40 higher ($38.00-$42.00, weighted average $40.03). The corn market settled generally 4 cents higher, supported by spillover buying from the bean market and the steady stream of bullish export news. The Dow closed 88 points higher with the Nasdaq better by 47.