DTN Closing Livestock Comment 08/31 15:51
31 Aug 2015
DTN Closing Livestock Comment 08/31 15:51 Lean Hog Futures Bolt Significantly Higher Hog contracts settled sharply higher thanks to aggressive short covering and bull spreading. Conversely, live and feeder futures closed lower as specs and commercial recoiled from last week's late rally. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Buying energy in feedlot country Monday was limited to the collection of new showlists. For the most part, the pre-Labor Day offering looks generally smaller than last week with only Colorado offering more ready steers and heifers. Some initial asking prices were posted around $150 in the South and $232-plus in the North. According to the closing report, the Iowa hog base is $0.56 lower compared with the Prior Day settlement ($65.00-$72.00, weighted average $71.56). Corn futures finished fractionally mixed with neither side displaying much trading interest. The stock market closed lower as investors digested a volatile month amid continued uncertainty about China and the Fed. The Dow closed 114 points lower with the Nasdaq off 51.