The ICE Dec and Mar contracts gave back 160 and 87 points on the week, respectively, as last week’s inversion between the two contracts gave way to partial carry. Well,
DTN Livestock Close: Feeder Bulls Warp Further Into Deep Space
It was another bullish day of record setting in the cattle pits as feeder contracts spearheaded the amazing charge with triple-digit gains. Lean hog futures put in another mixed performance, causing early and late-summer contracts to settle in opposite directions.
The fed cattle trade hardly made signs of life with just a few bids of $142 noted in parts of Kansas. Asking prices remained firm around $147 in the South and $235 to $236-plus in the North. According to the closing report, the Iowa hog base is $1.48 higher compared with the Prior Day settlement ($106.00-$116.01, weighted average $114.72). The corn market continued to spiral lower, pushed further down the steps by positive growing weather and spillover vibes left from China’s decision to pull the plug on DDGS from the U.S. Most contracts settled 3-5 cents lower. The stock market is little changed on Tuesday with the S&P 500 halting its record-smashing run. The Dow closed 2 points higher with the Nasdaq better by 1.