DTN Closing Livestock Comment 10/29 16:08
29 Oct 2015
DTN Closing Livestock Comment 10/29 16:08 Meat Futures Settle Mostly Lower, Pressured by Long Liquidation, Poor Buying Interest With the exception of spot October live, cattle futures settled lower, pressured by long liquidation, profit taking, and cash uncertainty. Lean hog contracts finished sharply lower, checked by technical selling and fears of seasonal weakness. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade was generally quiet with just a few scattered sales reported in parts of the North at $209-$210. According to the closing report, the Iowa hog base is $1.25 lower compared with the Prior Day settlement ($60.00-$64.00, weighted average $63.06). The corn market recovered the ground lost on Wednesday by closing 3-4 cent higher. U.S. stocks closed lower as investors continued to consider the possibility of a December rate hike. The Dow closed 23 points lower with the Nasdaq off 21.