DTN Closing Livestock Comment 04/24 16:13
Cattle Futures Close Week Above 100-Day Moving Averages
Triple-digit gains dominated the cattle complex with buying tied to
aggressive short covering, technical buying and positioning ahead of the
monthly on-feed report. Lean hog futures closed moderately higher, helped by
spillover bullishness from the cattle complex and ideas of improving seasonal
By John Harrington
DTN Livestock Analyst
Light to moderate cattle trading developed in parts of the North with
dressed prices ranging from $253.00-$260.00, Steady to $7.00 higher than
Wednesday and $4.00 lower to $3.00 higher than last week's weighted average
basis Nebraska. The South remained untested. According to the closing report,
the Iowa hog base closed $0.87 higher compared with the Prior Day settlement
($63.00-$65.50, weighted average $64.75). From Friday to Friday livestock
futures scored the following changes: Apr LC, Up 3.37; Jun LC, Up 2.20; May FC,
Up 5.55; Aug FC, Up 5.47; Apr LH, Up 3.18; May LH, Up 3.28. The corn marketed
settled $0.06-$0.07 lower, pressured by planting-friendly weather forecasts.
The stock market closed higher with the Nasdaq setting another record.
Investors were encouraged by another impressive round of corporate earnings
(e.g. Microsoft and Amazon). The Dow closed 21 points higher with the Nasdaq
better by 36.
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