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DTN Closing Livestock Comment 08/30 17:30

30 Aug 2019
DTN Closing Livestock Comment 08/30 17:30 Future Fall Into the Closing Bell Cattle futures could not maintain the earlier market strength Friday, resulting in losses for the week with contracts closing near the lows. By Robin Schmahl DTN Dairy Analyst GENERAL COMMENTS: Cattle futures could not maintain the earlier market strength Friday, resulting in losses for the week with contracts closing near the lows. This leaves the market in a bearish sideways range. Lean hog futures followed suit as they were unable to follow-through on the strength generated this week. Friday to Friday livestock futures posted the following changes: August live cattle gained $0.38, with October down $0.48. September feeder cattle down $0.85, with October down $1.72. October lean hogs gained $4.23, with December hogs up $4.60. Cash cattle trading finished Friday at $103, down $3 from last week in the South and around $171, down $4, for last week in the North. Packers held bids at lower prices seeing no need to raise those bids due to the negative futures trade. According to the closing National Daily Direct hogs Friday afternoon report, the base price was $2.14 lower with a range of $49.00 to $57.50 and a weighted average of $55.78. Corn futures declined 1 3/4 cents. The Dow gained 41 points with the NASDAQ down 11 points.