DTN Closing Livestock Comment 07/29 16:04
Lean Hog Futures Collapse Further
Lean hog contacts once again closed sharply lower, pressured by eroding cash
bears and fears of greater pork production through the last third of the year.
The cattle pits finished mostly higher with feeder futures displaying the most
By John Harrington
DTN Livestock Analyst
The cash cattle trade was completely dead Tuesday with neither bids nor
asking prices well defined. Some producers suggested asking prices around
$168-$170 in the South and $265-$270 in the North. According to the closing
report, the Iowa hog base is 0.34 lower compared with the Prior Day settlement
($115.00-$124.00, weighted average $122.04). Most corn futures settled 5-6
cents lower with resumed selling tied to decent crop ratings and the general
lack of a weather threat. U.S. stocks declined on Tuesday, pulling the Dow
under 17,000, as the U.S. and EU joined in expanding sanctions against Russia.
The Dow closed 70 points lower with the Nasdaq off 2.
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