DTN Closing Livestock Comment 07/12 17:18
12 Jul 2018
DTN Closing Livestock Comment 07/12 17:18 Oversold Meat Futures Finally Generate Some Short-Covering Interest and Spec-Buying After two staggering sessions of limit losses, lean hog futures, for the most part, recovered with triple-digit gains. The cattle complex managed a smaller rebound, supported by profit-taking and the premium status of recent feedlot sales. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Feedlot country remained pretty much at a standstill with just a few scattered sales reported in parts of Iowa. According to the closing report, the national hog base is $0.08 lower ($68-$76, weighted average $75.21). Corn futures settled as much as 5-6 cents higher, supported by lower-than-expected ending stocks estimated by USDA Thursday. The stock market staged a decent recovery with the Dow closing 224 points higher with the Nasdaq up 107.