DTN Closing Livestock Comment 11/24 16:23
Cattle Futures Reverse From Early Highs to Close Sharply Lower
The cattle complex stumbled toward Thanksgiving with triple-digit losses,
pressured late by aggressive profit taking and long liquidation. Though closing
well off session highs as well, lean hog contracts still managed to close
moderately higher for the most part.
By John Harrington
DTN Livestock Analyst
Cattle buyers weren't interested in much Monday beyond the collection of new
showlists. The pre-holiday offering appears to be generally larger than last
week. Some feedlot managers suggested asking prices around $175 in the South
and $272-$274 in the North. According to the closing report, the Iowa hog base
closed $0.13 higher compared with the Prior Day settlement ($75.00-$88.00,
weighted average $86.61). Corn futures closed about a nickel lower, pressured
by ideas that the tail-end of harvest could pressure spot cash as some areas
run out of storage. U.S. stocks rose on with retailers gaining as investors bet
lower gasoline prices will translate into increased sales as consumers shop for
holiday gifts. The Dow closed 7 points higher with the Nasdaq better by 41.
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