DTN Closing Livestock Comment 10/05 16:31
5 Oct 2017
DTN Closing Livestock Comment 10/05 16:31 Cattle Futures Surge Higher, Anticipating Late-Week Cash Live and feeders closed sharply higher, supported by late-session buying and firm cash expectations. Lean hog issues settled on a mixed basis with nearbys gaining on deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS The cash cattle market remained untested Thursday, setting the stage for yet another late-week showdown between short-bought packers and bullish-minded feedlot managers. Bids and asking prices Thursday were separated by at least $4 on a live basis (e.g., $106 versus $110-plus in the South). According to the closing report, the national hog base is .96 higher ($46.00-54.00, weighted average $52.15). Corn futures closed a penny-plus higher, supported by spillover buying from beans and rain slowing harvest progress. The stock market closed higher with the Dow up 113 points and the Nasdaq better by 50.