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 10/21 15:29 Cattle Futures Close Lower Live cattle futures closed lower, down 12 to 135. Feeder cattle futures were triple-digits lower, down 180 to 282. Lean hog futures were mixed, down 70 to up 27. By Rick Kment DTN Analyst GENERAL COMMENTS: According to the closing report, the Iowa hog base closed $1.02 lower compared with the Prior Day settlement ($86.00-$98.00, weighted average $95.86). Corn futures closed higher, up 7 3/4 in the December and March contracts; up 8 in May.
|Copyright DTN. All rights reserved. Disclaimer.|