DTN Livestock Close: Cattle Supported by Greater Packer Spending

Photo: MSU Extension

The cattle complex settled mostly in the green with nearby contracts generally outperforming deferreds. Lean hog contracts settled mostly higher, although expiring spot April closed 47 points lower.

GENERAL COMMENTS

Moderate cattle trading developed in several states with greater packer spending especially noted in Nebraska and Kansas. For example, a decent number of live sales in Nebraska were marked at $122, roughly $6 higher than last week’s weighted average. At about the same time, better business surfaced in Kansas at $120, $2 to $3 higher than last week’s weighted average in that state. The National hog base closed up $0.59 compared with the Prior Day settlement ($44-$53, weighted average $50.06).

From Friday to Friday, livestock futures scored the following changes: Apr LC up $4.33; Jun LC up $1.33; May FC up $4.75; Aug FC up $3.65; Apr LH up $1.70; May LH up $5.23.

Corn futures settled 2 to 3 cents lower, apparently oblivious to any planting worries despite forecasts of a major snowstorm this weekend for the Western Corn Belt, as well as cool temperatures and wet conditions for next week over a broader area. The stock market closed lower with the Dow off 122 points and the Nasdaq down 33.

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