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: Lean Hog Futures Launch New Week With Impressive Gains
The lean hog pit closed with solid progress Monday, supported by constructive fundamentals and bull-spreading activity. Cattle futures settled mostly lower, reversing from early highs thanks to renewed long liquidation and technical selling.
Activity in cattle country was typically limited to the early week distribution of new showlists. The mid-month offering is generally smaller than the prior week. Some ready cattle were priced around $158 in the South and $248-$250 in the North. According to the closing report, the Iowa hog base is 1.83 higher compared with the Prior Day settlement ($128.24-$134.99, weighted average $133.02). With the exception of spot July (closing 9 1/2 cents lower), most corn futures settled generally 3 cents higher, supported by profit taking and a modest bounce in the bean pit. The stock market climbed enough today to push the Dow industrials back above 17,000. The Dow closed 111 points higher with the Nasdaq better by 24.