DTN Livestock Close: Cattle Futures Negate Friday’s Rally

Photo: MSU Extension

For the most part, cattle futures closed significantly lower with nearby live issues proving to be the favored target of early week sellers. Lean hog contracts settled on a mixed basis with nearbys losing ground to derreds.

GENERAL COMMENTS

The cash cattle trade was a typically slow early week affair with the assessment of showlists about the only order of the day. Offerings are mixed, larger in the South (especially Texas) but some smaller in the North. Generally speaking, the supply of ready numbers seems somewhat larger than last week. According to the closing report, the national hog base is $0.88 lower ($54-$62.25, weighted average $60.53).

Corn futures recovered from early lows to close fractionally higher. That said, the action was slow and generally featureless. Pressured by trade-war talk, the Dow closed 157 points lower. On the other hand, the Nasdaq finished 27 points in the green.

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