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 10/24 15:26 Cattle Futures Close Lower Live cattle futures closed mostly triple-digits lower, down 80 to 230. Feeder cattle futures were also lower, down 175 to 232. Lean hogs were mixed, up 152 to down 25. By Rick Kment DTN Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following changes: Oct LC, Up 3.20, Dec LC, Up 1.85; Oct FC, Off .55; Nov FC, Up .50; Oct LH, Off .32; Dec LH, Up 1.32. According to the closing report, the Iowa hog base closed $1.70 lower compared with the Prior Day settlement ($88.00-$90.47, weighted average $89.17). Corn futures closed lower, down 6 3/4 in the December through July contracts.
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