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
By John Harrington
DTN Livestock Analyst
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.
Your local weather forecast from DTN can be sent to your email every morning free through DTN Snapshot