DTN Closing Livestock Comment 01/12 16:14
12 Jan 2017
DTN Closing Livestock Comment 01/12 16:14 Cattle Complex Sinks Substantially Lower Live and feeder futures closed sharply lower, checked by follow-through selling, long liquidation and struggling wholesale beef demand. On the other hand, lean hog contracts settled narrowly mixed at the conclusion of a lackluster trading session. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: While cattle buying interest was light to moderate here and there, defensive focus made it tough for neither to focus on the hard work of procurement. In the South, as much as $4-$6 separated bids from asking prices (i.e., $116 vs. $122). According to the closing report, the national hog base is $0.91 higher ($55.00-63.50, weighted average $61.24). Corn futures closed a short penny higher, supported by modest yet friendly adjustments to the s&d table (e.g., the carryout was reduced by 48 million bushels). The stock market closed lower with the Dow off 63 points and the Nasdaq down 16.