DTN Closing Livestock Comment 11/28 16:53
28 Nov 2016
DTN Closing Livestock Comment 11/28 16:53 Nearby Live Cattle Contracts Close Sharply Lower The front-end of live cattle futures slumped by triple digits on the close, pressured by profit-taking and the unrolling of bull spreads. Lean hog contracts settled moderately lower, checked by long liquidation and the discount of the cash index. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: As usual, cattle buyers and sellers gave Monday over to the mechanical chore of showlist distribution. The late-month offering appears to be somewhat larger than last week (i.e., smaller in Texas, larger in Kansas, and modestly larger in Nebraska and Colorado). A few steers and heifers here and there appeared to be priced around $115 on a live basis. According to the closing report, the national hog base is $0.35 higher ($39.00-$44.00, weighted average $42.26). Corn futures closed fractionally mixed with traders pretty much stuck in a post-harvest rut. The stock market eased Monday as profit-takers picked about at the big Trump rally. The Dow closed 54 points lower with the Nasdaq off 30.