DTN Closing Livestock Comment 08/29 16:42
29 Aug 2017
DTN Closing Livestock Comment 08/29 16:42 Cattle Bears Quickly Move to Reclaim Monday Rally Live and feeder futures closed sharply lower, essentially reversing all of Monday's large short covering rally. On the other hand, dedicated sellers continued to hammer away at lean hog issues, leaving most contracts with another round of triple-digit losses. By John Harrington DTN Livestock Analyst GENERAL COMMENTS The cash cattle trade went untested Tuesday with neither bids nor asking prices evident. According to the closing report, the national hog base is $.79 lower ($62.00-66.00, weighted average $64.49). Corn futures just keep fading. Most issues lost another 2 cents plus thanks to lackluster buying interest. Equities closed generally higher with the Dow up 56 points and the Nasdaq better by 18.