DTN Livestock Close: Late Profit-Taking in Cattle
The cattle complex closed mixed thanks to cash firmness and late profit-taking. On the other hand, lean hog futures settled mostly higher with deferreds gaining significantly on nearbys.
From Friday to Friday livestock futures scored the following Changes: Feb LC, Up $2.18; Apr LC, Up $3.05; Mar FC, Up $2.78; May FC, Up $4.45, Apr LH, Up $1.95 May LH, Up $1.67. The cash cattle trade remained slow in developing this afternoon. Some dressed deals have surfaced in parts of the North at $212 to $214, $2 to $4 higher than last week.
Many feedlots continue to hold out for $215 or better. The Southern market remains at a standstill, although late bids have now improved to $136, still $2 below higher asking prices. According to the closing report, the Iowa hog base is $2.06 lower compared with the Prior Day settlement ($58.00-64.00, weighted average $64.36).
Corn futures closed lower, down 1 cent in the May and down 1 1/2 cents in the December.
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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,