DTN Closing Livestock Comment 01/18 16:23
18 Jan 2017
DTN Closing Livestock Comment 01/18 16:23 Lean Hog Contracts Fall Back on Midweek Profit-Taking and Long Liquidation Lean hog futures slipped back toward the middle of a well-established trading range, checked by profit-taking and some cooling of fundamentals. On the other hand, the cattle complex settled on a mixed basis with live issues moderately higher and feeder contracts mostly lower. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade remained untested at midweek with both bids and asking prices poorly defined. Some showlists are priced around $122 in the South and $195 in the North. Positively, the FCE did report higher internet sales (i.e., roughly 3,500 steers and heifers averaged $120.52, $1.36 higher than last week). According to the closing report, the national hog base is $0.01 lower ($58.00-$64.24, weighted average $62.37). The corn trade settled fractionally lower is largely listless action. The stock market closed with mixed results, off 22 points on the Dow and up 16 on the Nasdaq.