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 08/19 15:26 Live, Feeder Cattle Futures Return to Long Liquidation The cattle complex closed sharply lower, pressured by a combination of long liquidation and profit taking. On the other hand, lean hog futures settled on a mixed basis with deferreds gaining a moderate amount of ground on nearbys. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country was as quiet as a small-town library Tuesday with little evident of either bids or asking prices. A few showlists were priced around $157-$158 in the South and $248-plus in the North. According to the closing report, the Iowa hog base is $2.30 lower compared with the Prior Day settlement ($93.00-$100.25, weighted average $99.54). For the most part, the corn market finished fractionally higher at the conclusion and slow and largely featureless business. U.S. stocks climbed on Tuesday with the Nasdaq moving toward a 14-year high. The Dow closed 80 points higher with the Nasdaq better by 19.
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