DTN Closing Livestock Comment 03/19 16:29
19 Mar 2018
DTN Closing Livestock Comment 03/19 16:29 Meat Futures Stumbled Into New Week With Triple-Digit Losses The cattle complex crashed sharply lower, hammered by a combination of long liquidation and technical selling. Lean hog futures also fell hard through the opening session of the week, pressured by defensive fundamentals and a general lack of selling interest. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Cash cattle activity on Monday was typically limited to the distribution of new showlists. Ready numbers appear to be generally larger with only Texas offering fewer steers and heifers. According to the closing report, the Iowa hog base closed .79 lower compared with the prior day settlement ($52.00-59.50, weighted average $56.50). Closing at a 3-week low, nearby corn futures fell more than 7 cents lower, pressured by both winter wheat and beans. The stock market put in a rough day with the Dow off 335 on the close and the Nasdaq down by 137.