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 04/24 16:13 Cattle Futures Close Week Above 100-Day Moving Averages Triple-digit gains dominated the cattle complex with buying tied to aggressive short covering, technical buying and positioning ahead of the monthly on-feed report. Lean hog futures closed moderately higher, helped by spillover bullishness from the cattle complex and ideas of improving seasonal fundamentals. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light to moderate cattle trading developed in parts of the North with dressed prices ranging from $253.00-$260.00, Steady to $7.00 higher than Wednesday and $4.00 lower to $3.00 higher than last week's weighted average basis Nebraska. The South remained untested. According to the closing report, the Iowa hog base closed $0.87 higher compared with the Prior Day settlement ($63.00-$65.50, weighted average $64.75). From Friday to Friday livestock futures scored the following changes: Apr LC, Up 3.37; Jun LC, Up 2.20; May FC, Up 5.55; Aug FC, Up 5.47; Apr LH, Up 3.18; May LH, Up 3.28. The corn marketed settled $0.06-$0.07 lower, pressured by planting-friendly weather forecasts. The stock market closed higher with the Nasdaq setting another record. Investors were encouraged by another impressive round of corporate earnings (e.g. Microsoft and Amazon). The Dow closed 21 points higher with the Nasdaq better by 36.
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