DTN Closing Livestock Comment 04/17 15:40
Meat Futures Take Wide Swings Before Exiting for Holiday
Summer hog futures closed sharply higher for the second consecutive session,
supported by renewed fears of PEDv death loss and ideas of seasonal price
strength through the April-June quarter. On the other hand, the cattle complex
settled significantly lower, pressured by signs of softer feedlot sales and a
general lack of pre-Easter buying interest.
By John Harrington
DTN Livestock Analyst
Light to moderate trading developed on a sporadic basis in most areas of
cattle feeding country. Live sales in the South were marked at $145-$146, $1-$2
lower. Dressed deals in the North for delivery within two weeks were mostly
tagged $237-$238, $2-$3 lower than last week's weighted average basis Nebraska.
Some Nebraska cattle to be delivered in more than two weeks sold as low as
$232. According to the closing report, the Iowa hog base is $0.50 higher
compared with the Prior Day settlement ($112.00-$117.00, weighted average
$115.69). Corn futures settled 2-3 cents lower, checked by follow-through
selling and lackluster buying interest. For the most part, the stock market
climbed on Thursday, with the S&P 500 extending gains into a fourth session.
The Dow closed off 16 points with the Nasdaq up 9.
For more free DTN information sent right to your email each morning - click here
to sign up for DTN Snapshot.