DTN Livestock Close: Overheated Cattle Futures Take a Break
Live and feeder cattle futures closed lower, pressured by profit taking and technical selling. Lean hog contracts settled mostly higher with deferred strength benefiting from bear spreading interest.
The cash cattle trade was quiet at midday with scattered bids reported in the South at $142-$143. Asking prices remained firm at $147 in the South and $235-$236 in the North. According to the closing report, the Iowa hog base is $1.01 higher compared with the Prior Day settlement ($106.50-$116.50, weighted average $115.59). Corn futures closed generally 2-4 cents lower, checked by decent growing conditions and spillover selling from the bean and wheat market. The stock market fell hard Wednesday after the World Bank lowered its outlook for global growth. The Dow closed 106 points lower with the Nasdaq off 2.
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South Korea reportedly has temporarily halted imports of wheat from Washington state after USDA confirmed the discovery of volunteer genetically engineered wheat growing in the state. Though USDA stated there