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 11/21 16:04 Cattle Futures Close Week Solidly Higher Live and feeder cattle contracts closed with impressive gains thanks to late-week short-covering and signs of cash cattle strength. Lean hog futures settled mostly higher with only December and February suffering modest losses. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: From Friday to Friday livestock futures scored the following changes: Dec LC, Up .70, Feb LC, Up .88; Jan FC, Up .23; Mar FC, Off .15; Dec LH, Off 2.02; Feb LH, Off 2.30. Light to moderate feedlot trade developed in the North this afternoon as short-bought packers reluctantly moved to cover slaughter needs for early next week. Dressed sales in the North averaged between $267 and $268, generally $2 to $3 higher than last week. On the other hand, feedlot business in the South has not been tested as of this writing. Some bids have been noted in Kansas at $172, fully steady with last week. According to the closing report, the Iowa hog base closed $0.69 higher compared with the Prior Day settlement ($75.00-$88.00, weighted average $86.48). Corn futures close lower, down 1/2 in the December contract and down 1 in the March.
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