DTN Closing Livestock Comment 09/22 17:04
22 Sep 2016
DTN Closing Livestock Comment 09/22 17:04 Live Cattle Reverse From Early Session Highs to Close Sharply Lower The cattle complex settled on a mixed basis with live issues sharply lower and feeder contracts uneven. For the most part, lean hog settled higher thanks to short-covering and oversold charts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Cattle bids were few and far between throughout the day as packers continued to play the waiting game, probably hoping to soften feedlot bullishness with their indifference. On the other hand, asking prices were poorly defined as sellers closely monitored the board. According to the closing report, the national hog base is $0.68 lower compared with the Prior Day settlement ($47.00-$53.00, weighted average $51.28). U.S. stocks closed higher with the Nasdaq having another record-setting session. Investors seemed to be cheered by the Federal Reserve's latest decision to delay rate-raising until December. Corn futures closed generally 3 cents lower, pressured by lackluster profit taking. The Dow closed 98 points higher with the Nasdaq better by 44.