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 11/28 15:34 Cattle Futures Close Holiday-Shortened Session Mostly Higher Late-week short covering and profit taking helped most cattle contracts settle moderately higher. On the other hand, long liquidation in the lean hog pit caused prices to fall further from early week highs. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Despite limited trade volume generated on Wednesday and the appearance of greater slaughter needs through the first full week of December, cattle buyers didn't seem to care Friday, content to eat Thanksgiving leftovers and stay parked in front of flat screens watching football. Right or wrong, we can only assume that packers will start out on Monday extremely close to the knife. According to the closing report, the Iowa hog base closed $0.68 lower compared with the Prior Day settlement ($77.00-$87.50, weighted average $86.00). The corn market closed generally 2-3 cents lower, pressured in part by aggressive selling in the bean pit. Equities closed mixed on Black Friday amid a slide in oil prices following OPEC's announcement that it would not cut its output. The Dow closed near unchanged with the Nasdaq up 4.
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