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 03/30 15:47 Deferred Lean Hog Contracts Jump Higher Following Quarterly Inventory The lean hog pit settled on a mixed basis, modestly higher in nearbys and sharply higher in far deferreds. The cattle complex also finished on both sides of unchanged with live contracts mostly higher and their feeder counterparts primarily lower. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in feedlot country was limited to the distribution of new showlists. According to the closing report, the Iowa hog base closed $0.74 higher compared with the Prior Day settlement ($50.00-$57.00, weighted average $56.62). Corn futures closed generally 3 cents higher, supported by strength in the wheat pit and ideas of further planting delays in the South. The stock market closed more than 1% higher on Monday amid encouraging talk of stimulus in Asia. The Dow closed 263 points higher with the Nasdaq better by 56.
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