DTN Closing Livestock Comment 10/28 15:55
28 Oct 2015
DTN Closing Livestock Comment 10/28 15:55 Cattle Futures Stage Midweek Recovery With Limit Gains Live and feeder contracts shot significantly higher Wednesday, reacting to fully steady packer spending in the country and impressive strength in cut-outs. On the other hand, lean hog issues settled mostly lower in lackluster action with light trade volume. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Packer inquiry was light in cattle country with just a few sales reported in parts of the North around $136. According to the closing report, the Iowa hog base is $2.01 lower compared with the Prior Day settlement ($61.00-$65.50, weighted average $64.33). The corn market closed 3-4 cents lower, pressured by the culmination of a big harvest and the lack of buying interest. U.S. stocks closed up more than 1% and near session highs after the October Fed statement gave investors more confidence in the possibility of a December rate hike. The Dow closed 198 points higher with the Nasdaq better by 65.