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 10/30 15:25 Cattle Complex Enjoys Short-Covering Rally Live and feeder futures settled with solid progress thanks in part to short covering by specs and commercials prior to the development of late-week cash. Conversely, lean hogs suffered triple-digit losses, pressured by follow-through selling and a general lack of buying interest. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Following another scoreless cash inning of no hits, errors, or runs, cattle buyers and sellers will apparently wait until Friday to determine the outcome of this week's market series. Country bids Thursday were few and far between, while asking prices remained firm at $172-$173 in the South and $270-plus in the North. According to the closing report, the Iowa hog base closed $0.55 higher compared with the Prior Day settlement ($77.00-$87.00, weighted average $86.77). The corn market finished a penny-plus lower, trimmed by profit taking and spillover selling from the bean pit. The stock market jumped on Thursday, with Visa helping lift the Dow industrials into the green for October, after data showed the U.S. economy grew more than expected last quarter. The Dow closed 221 points higher with the Nasdaq up 16.
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