DTN Closing Livestock Comment 01/19 16:06
19 Jan 2017
DTN Closing Livestock Comment 01/19 16:06 Cattle Futures Continue Bullish March Thanks to Impressive Cash Strength Live and feeder futures once again scored solid price progress, supported by aggressive packer spending in the country and technical buying. Lean hog contracts settled moderately lower thanks to the premium of the cash index and spillover supported from the cattle complex. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cattle buyers could no longer hide real hunger for ready cattle Thursday. Significantly higher bids surfaced in the early going, and by midafternoon, trade volume totals were quite large around the feeding circuit. Live biz in the South was marked at $122-$123, $3-$4 higher than last Friday. At the same time, dressed deals in the North ranged from $194-$195, mostly $5 higher than last week. According to the closing report, the national hog base is $0.54 lower ($58.00-$64.75, weighted average $62.88). Corn futures closed a penny-plus higher, helped by news of reduced Argentine prospects and record ethanol production. The Dow closed 72 points lower with the Nasdaq off 15.