DTN Closing Livestock Comment 11/28 15:34
Cattle Futures Close Holiday-Shortened Session Mostly Higher
Late-week short covering and profit taking helped most cattle contracts
settle moderately higher. On the other hand, long liquidation in the lean hog
pit caused prices to fall further from early week highs.
By John Harrington
DTN Livestock Analyst
Despite limited trade volume generated on Wednesday and the appearance of
greater slaughter needs through the first full week of December, cattle buyers
didn't seem to care Friday, content to eat Thanksgiving leftovers and stay
parked in front of flat screens watching football. Right or wrong, we can only
assume that packers will start out on Monday extremely close to the knife.
According to the closing report, the Iowa hog base closed $0.68 lower compared
with the Prior Day settlement ($77.00-$87.50, weighted average $86.00). The
corn market closed generally 2-3 cents lower, pressured in part by aggressive
selling in the bean pit. Equities closed mixed on Black Friday amid a slide in
oil prices following OPEC's announcement that it would not cut its output. The
Dow closed near unchanged with the Nasdaq up 4.
For more free DTN information sent right to your email each morning - click here
to sign up for DTN Snapshot.