The cattle complex closed impressively higher, supported by late-week short-covering and improving beef cutouts. On the other hand, lean hog contracts settled narrowly mixed with nearbys generally losing ground to deferreds.
From Friday to Friday livestock futures scored the following changes: Jun LC, Off .15, Aug LC, Up .17; May FC, Up 2.73; Aug FC, Up 1.95; Jun LH, Off 1.25; Jul LH, Up .70. The cash cattle market was lightly tested with Kansas feedlots selling ready steers and heifers at $145, $1 lower than last week. The Northern tier of feeding country was limited to scattered sales ranging from $233 to $235, generally steady with Thursday’s decline. According to the closing report, the Iowa hog base is 0.85 lower compared with the Prior Day settlement ($102.00-$110.00, weighted average $108.96). Corn futures closed mostly fractionally higher Friday. Spot July was down 3/4, but remaining contracts were up 1/4 to 1/2.
DTN Closing Livestock Comment 12/19 15:54 Cattle Futures Rebound With Triple-Digit Gains After an ugly start to the week, cattle futures finally uncovered new buying interest and closed sharply higher on Friday. On the other hand, lean hog contracts finished moderately lower for the most part, pressured by long liquidation in anticipation of next week's Hogs and Pigs report. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following changes: Dec LC, Off 1.30, Feb LC, Off 2.07; Jan FC, Off 5.45; Mar FC, Off 3.28; Dec LH, Off 1.35: Feb LH, Off 1.15. The late-week cash cattle trade was rather light with only a few scattered deals reported in parts of the North. However, packer spending did seem to improve some from the lows of Wednesday and Thursday with a few dressed sales as high as $152. According to the closing report, the national hog base closed $0.10 higher compared with the Prior Day settlement ($69.00-$79.00, weighted average $76.45). Corn futures closed fractionally mixed, down 1/2 in March and May, down 1/4 in July and September, up 1/4 in December.
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