DTN Closing Livestock Comment 09/16 16:26
16 Sep 2015
DTN Closing Livestock Comment 09/16 16:26 Cattle Futures Collapse in Face of Massive Long Liquidation Many live and feeder cattle contracts sank to new lows at midweek as the board was hammered by aggressive long liquidation and technical selling. Lean hog futures also settled under pressure following Tuesday's rally. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light country movement surface in parts of the North with dressed steers and heifers marked $212-$214, $5-$7 lower basis Nebraska. The South remained untested as sellers passed bids not more attractive than $135-$136. According to the closing report, the national hog base is $0.12 higher compared with the Prior Day settlement ($58.00-$69.00, weighted average $66.85). Corn futures closed generally 4 cents lower in a lackluster session with limited volume. U.S. stocks closed more than half a percent higher as investors eyed a jump in oil prices and looked ahead to the Federal Reserve's decision on a rate hike. The Dow advanced by 140 points with the Nasdaq better by 28.