DTN Closing Livestock Comment 01/27 16:38
27 Jan 2017
DTN Closing Livestock Comment 01/27 16:38 Lean Hog Contracts Bounce Higher Thanks to Late-Week Short-Covering Completing a week of yo-yo action, lean hog futures rebounded with triple-digit gains, supported by short-covering and cash premiums. On the other hand, cattle futures closed moderately lower in the live trade and mixed in the feeder trade. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle market was not tested in the late rounds with buyers and sellers apparently satisfied with the business generated on Thursday. Trade volume totals for the week look no better than moderate. The national hog base closed up $0.62 compared with the Prior Day settlement ($59.00-$66.00, weighted average $63.98). From Friday to Friday, livestock futures scored the following changes: Feb LC Off $1.93; Apr LC Off $1.65; Mar FC Off $3.82; May FC Off $3.38; Feb LH Up $1.60; Apr LH Off $0.17. Corn futures closed a penny-plus lower in light trade volume. Lackluster activity this week seemed to be linked to positive growing conditions in South America and a firm undertone to the dollar. The stock market closed mixed with the Dow off 7 and the NASDAQ up 5.