DTN Closing Livestock Comment 06/01 16:31
1 Jun 2017
DTN Closing Livestock Comment 06/01 16:31 Cattle Complex Futures Explode in the Face of Aggressive Packer Spending Nearby live and feeder contracts closed with limit gains, inspired by technical-buying and surging cash premiums. Conversely, lean hog futures closed no better than mixed with nearbys losing ground to deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Sharply higher cash bids sparked moderate-to-active trade volume in most areas of cattle-feeding country. Dressed deals in the North ranged from $215-$217, $7-$8 higher basis Nebraska. Live sales in the South were mostly marked at $136-$137, $4-$6 higher. According to the closing report, the national hog base is $0.23 lower ($67.00-$76.00, weighted average $73.40). Remaining stuck in a narrow trading range, corn futures settled 1-2 cents lower. The Dow and Nasdaq closed at new record levels, settled 135 and 48 higher, respectively.