Friday, May 16, 2014

DTN Livestock Close: Cattle Futures Close Week With Solid Gains

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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.

GENERAL COMMENTS:

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 10/01 15:50
   Midweek Trading Experience Bullish Explosion in Cattle Futures

   Live and feeder cattle contracts blasted sharply higher, once again posting
new all-time records with the help of technical buying and general cash
optimism. Lean hog futures settled mostly higher with Feb and April gaining
significant ground on both nearbys and deferreds.

By John Harrington
DTN Livestock Analyst



GENERAL COMMENTS:

   Cattle buyers didn't even bother with token bids today, understandably
concluding that bullish-minded feedlot margins wouldn't bother giving them the
time of day (not with futures surging into the either). Some asking prices were
raised to $165-plus in the South and $255-$260 in the North. According to the
closing report, the Iowa hog base was $0.13 lower compared with the Prior Day
settlement ($96.00-$109.00, weighted average $108.71). Corn futures settled
fractionally higher, modestly supported by midweek short covering and profit
taking. Equities declined sharply at midweek as investors fretted global
concerns, mixed economic data and earnings ahead. The Dow closed 238 points
lower with the Nasdaq down by 71.
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