DTN Closing Livestock Comment 08/27 16:04
27 Aug 2015
DTN Closing Livestock Comment 08/27 16:04 Cattle Futures Finally Catch Major Bounce of Recovery For the most part, the cattle complex settled significantly higher, supported by aggressive short covering and pre-cash positioning. In contrast, lean hog issues finished no better than mixed with nearbys generally losing ground to deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cattle buying interest remained quite guarded with packers bid (i.e., $144 in the South, $225-$228 in the North) far below asking prices (i.e., $150 in the South, $236 plus in the North). According to the closing report, the Iowa hog base is $1.22 lower compared with the Prior Day settlement ($67.25-$74.50, weighted average $73.25). The corn market settled 2-3 cents higher, possibly supported by spillover strength from the bean pit and ideas of lower-than-expected yields. The stock market closed more than 2% higher in a second straight day of recovery from its recent plunge. The Dow jumped by 369 points with the Nasdaq up 115.