DTN Closing Livestock Comment 10/24 16:29
24 Oct 2017
DTN Closing Livestock Comment 10/24 16:29 CME Cattle Futures Witness Bullish Explosion Live and feeder futures closed with triple-digit gains powered by aggressive short-covering, technical-buying and cash optimism. Lean hog issues settled moderately higher with the help of constructive fundamentals and spillover support from the cattle complex. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Though difficult to document, country psychology seemed to grow through the day as feedlot managers cheered on the board's impressive performance. We did see a few ready steers and heifers in parts of the South bring prices around $115. According to the closing report, the national hog base is $0.20 higher ($59-$66, weighted average $65.25). Corn futures closed about a penny and a half higher, yet staying within a narrow and unexciting price range. The stock market closed higher with the Dow up 167 points and the Nasdaq better by 11.