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 10/01 15:50 Midweek Trading Experience Bullish Explosion in Cattle Futures Live and feeder cattle contracts blasted sharply higher, once again posting new all-time records with the help of technical buying and general cash optimism. Lean hog futures settled mostly higher with Feb and April gaining significant ground on both nearbys and deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cattle buyers didn't even bother with token bids today, understandably concluding that bullish-minded feedlot margins wouldn't bother giving them the time of day (not with futures surging into the either). Some asking prices were raised to $165-plus in the South and $255-$260 in the North. According to the closing report, the Iowa hog base was $0.13 lower compared with the Prior Day settlement ($96.00-$109.00, weighted average $108.71). Corn futures settled fractionally higher, modestly supported by midweek short covering and profit taking. Equities declined sharply at midweek as investors fretted global concerns, mixed economic data and earnings ahead. The Dow closed 238 points lower with the Nasdaq down by 71.
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