DTN Closing Livestock Comment 08/21 16:18
Lean Hog Futures Engineer Huge Reversal
Moving from sharply lower to significantly higher, lean hog contracts landed
a major reversal with several contracts swing more than 300 points through the
session. The cattle complex settled mixed in the live pit and mostly lower in
the feeder trade.
By John Harrington
DTN Livestock Analyst
Light cattle trading developed in several states with prices steady/firm
with Wednesday's decline: $242/$243 in the North and $153 in the South. Asking
prices closed around $244-$255 in the North and $154-$155 in the South.
According to the closing report, the Iowa hog base is $0.79 lower compared with
the Prior Day settlement ($94.00-$97.00, weighted average $95.89). For the most
part, corn futures settled 1-2 cents higher, supported somewhat by light
commercial buying. U.S. stocks climbed on Thursday as investors embraced upbeat
economic reports and looked to a dovish message from Fed Chair Yellen when she
talks about the labor market in Jackson Hole on Friday. The Dow closed 60
points higher with the Nasdaq positive by 5.
Get your local Cash Bids emailed to you each morning from DTN – click here
to sign up for DTN Snapshot.