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 01/28 15:52 Live Cattle Futures Stage Midweek Recovery Lean hog futures closed sharply higher, supported by short-covering and technical buying. At the same time, cattle contracts settled mostly higher with nearbys generally gaining on deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade was not tested today with just a few scattered bids noted in parts of the North. Some showlists were priced around $162 in the South and $260-plus in the North. Buying interest is expected to increase on Thursday or Friday. According to the closing report, the Iowa hog base closed $0.21 lower compared with the Prior Day settlement ($56.50-$68.25, weighted average $67.55). Corn futures closed lower, down 8 in the March and down 8 1/4 in the May.
|Copyright DTN. All rights reserved. Disclaimer.|