DTN Livestock Close: Futures End Short Week with Strong Gains
The cattle complex closed sharply higher with feeder contracts once again setting new all-time highs. The lean hog pit also finished with a burst of late buying, supporting August through February with triple-digit gains.
From Friday to Thursday livestock futures scored the following changes: Jun LC, Up 3.88, Aug LC, Up 2.55; Aug FC, Up 3.30; Sep FC, Up 2.92; Jul LH, Up .82; Aug LH, Up 1.78. The cash cattle trade was limited to scattered sales in parts of the North. Late-week activity was limited thanks to decent movement on Wednesday as feedlots responded to another round of sharply higher packer bids. According to the closing report, the Iowa hog base is 1.09 lower compared with the Prior Day settlement ($124.75-$129.75, weighted average $127.50). Corn futures closed modestly lower with July down 1 1/2, September down 2 3/4, and December down 2 3/4.
By Emily Unglesbee DTN Staff Reporter USDA boosted corn acres above pre-report expectations to 94.15 million acres, up 7% from last year. Soybean acres also rose to 83.69 million acres,