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 07/30 15:50 Meat Futures Swing Hard in Opposite Directions Lean hog contracts closed sharply lower, pressured by eroding cash values and disappointing pork demand. On the other hand, the cattle complex settled with significant gains, supported by strong beef demand and ongoing cash optimism. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle market remained dead in the water. Indeed, opening bids were not evident in the face of higher asking prices (i.e. $168 to $170 in the South and $265 to $270 in the North). Trade is expected to develop on Thursday or Friday. According to the closing report, the Iowa hog base is 0.92 lower compared with the Prior Day settlement ($118.00-$123.00, weighted average $121.12). Corn futures closed fractionally higher, up 1/4 in the September and up 1/2 in the December and March.
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