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 09/18 16:05 Live and Feeder Cattle Futures Pull Mostly Lower The cattle complex quickly surrendered much of Wednesday's rally, pressured by pre-report long liquidation, profit taking, and beef demand nervousness. The lean hog pit closed mixed with most of the selling interest focused on spot October. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country remained very quiet with just a few scattered bids reported in part of Kansas (i.e., $155) and Nebraska (i.e., $244-245). Nominal bids remained firm at $164 in the South and $253-$255 in the North. According to the closing report, the Iowa hog base 0.29 higher compared with the Prior Day settlement ($102.25-$106.00, weighted average $104.87). Corn futures drifted another 3-4 cents lower, pressured by open weather promising of an early harvest. The stock market rose on Thursday as investors continued to celebrate the Fed's renewed vow to keep benchmark rates low. The Dow closed 109 points higher with the Nasdaq better by 31.
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