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DTN Closing Livestock Comment 08/17 16:51
Lean Hog Futures Slam Sharply Higher for the Second Consecutive Session
Lean hog contracts closed sharply higher, supported by more encouraging talk
about improving U.S. and Chinese conditions and a late-week wave of
technical-buying. The cattle complex also closed sharply higher thanks to
late-week short-covering and spillover buying from the lean hog market.
By John Harrington
DTN Livestock Analyst
A fairly active cattle market developed in the Northern tier Friday with
dressed deals marked at mostly $173, roughly $2.50 lower. Live trading in the
North was mostly marked at $109 to $110, generally $1 to $2 lower basis in
Nebraska. On the other hand, cash business in the South remains rather slow as
of this writing. Some live steers and heifers have sold at $110, $1 lower than
last week. The National hog base closed off $0.86 compared with the Prior Day
settlement ($39 to $42, weighted average $42.33). From Friday to Friday
livestock futures scored the following changes: Aug LC up $1.17; Oct LC up
$1.62; Aug FC up $1.05; Sep FC up $2.30; Oct LH up $7.43; Dec LH up $7.80. Corn
futures closed a penny lower in late-week profit-taking. Having said that, the
corn market generally enjoyed a week of recovery following the bearish reaction
to the August 1 crop report. The stock market closed higher with the Dow up 110
points and the Nasdaq better by 9.
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