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DTN Closing Livestock Comment 12/02 17:16

2 Dec 2015
DTN Closing Livestock Comment 12/02 17:16 Beef Futures Collapse With Triple-Digit Losses The cattle complex quickly reversed Tuesday's reversal, cratering thanks to aggressive long liquidation and defensive ideas regarding cash potential. Lean hog issues settled moderately lower thanks to managed profit taking. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light-to-moderate cattle trading surfaced in parts of Nebraska and Iowa at mostly $195 dressed ($1-$1.50 lower than last week basis Nebraska). Cash business in the South remained at a standstill with feedlot passing bids of $125-$126. According to the closing report, the Iowa hog base is $0.51 higher compared with the Prior Day settlement ($48.00-$53.75, weighted average $53.21). The corn market settled about 3 cents lower, pressured by a stronger dollar and weaker oil prices. U.S. stocks closed lower after oil broke below $40 a barrel. The Dow closed 158 points lower with the Nasdaq off 33.