Friday, May 16, 2014

DTN Livestock Close: Cattle Futures Close Week With Solid Gains

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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.

GENERAL COMMENTS:

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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