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Printable Page Livestock   Return to Menu - Page 1 2 3 4 5 7 8 10 11 12 13
 
 
DTN Closing Livestock Comment 07/24 16:45
   Hog Contracts Get Clobbered Again

   The lean hog pit closed sharply lower for the second consecutive session,
hit hard by long liquidation, follow-through selling, and technical concerns.
The cattle complex settled unevenly with the live pit higher and the feeder
trade mixed.

By John Harrington
DTN Livestock Analyst



GENERAL COMMENTS:

   Aggressive packer spending surfaced in parts of the North today with light
to moderate trade volume evident in Nebraska and Iowa. Most dressed deals were
around $257, roughly $10 above last week's weighted average basis Nebraska.
Regionals purchased some high-grading cattle as high as $262.  Live sales in
the South were market at $162, $7 higher than last week. Yet trade volume
confirmed in Kansas and Texas was quite light. According to the closing report,
the Iowa hog base is $1.18 higher compared with the Prior Day settlement
($122.00-$128.00, weighted average $126.38). Corn futures opened higher but
faded through the session to settle a penny or so lower. Equities closed little
changed on Thursday with the S&P 500 at another record. The Dow settled 2
points lower with the Nasdaq off 1.
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