DTN Closing Livestock Comment 12/26 16:58
26 Dec 2017
DTN Closing Livestock Comment 12/26 16:58 Meat Futures Ignore Bearish Supply Move With Post-Christmas Rally Cattle bulls slammed futures higher with triple-digit settlements dominating both live and feeder contracts. While lean hog futures closed generally mixed, nearby issues scored solid price progress. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Given the holiday-delayed start to the trading week, Tuesday in cattle country was as good as Monday with activity limited to the distribution of new showlists. Ready numbers appear to be generally smaller than last week with only Nebraska offering a few more steers and heifers. According to the closing report, the national hog base is $0.07 higher ($50-$58, weighted average $56.59). Corn futures closed fractionally higher, perhaps firmed a bit from buying in the beans. Yet late-year corn continues to have no direction to speak of. The stock market closed lower with the Dow off 2 points and the Nasdaq down by 23.