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DTN Closing Livestock Comment 11/08 17:19

8 Nov 2018
DTN Closing Livestock Comment 11/08 17:19 Cattle Futures Settle Moderately Higher as Traders Wait on Late-Week Cash Development Live and feeder issues bounced moderately higher in lackluster, pre-cash action. Lean hog futures closed narrowly mixed with neither bulls nor bears making a strong case for stronger or weaker prices. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Bids and asking prices in feedlot country looked like a carbon copy of the midweek market. Specifically, Northern dressed bids were noted at $180, roughly $3-$5 below area asking prices. Along similar lines, Southern live bids were reported around $112, about $6 short of common asking prices. According to the closing report, the national hog base is $1.18 lower compared with the Prior Day settlement ($49-$55.50, weighted average $54.31). In a bearish surprise, USDA increased its estimate of world ending corn stocks from 159.4 million to 307.51 million metric tons (mmt). Yet the corn board managed to shake off the supply bump and close a penny plus higher. The stock market closed mixed with the Dow up 10 points and the Nasdaq off 39.