DTN Closing Livestock Comment 09/04 16:00
Triple-Digit Losses Offset Early Week Recovery in Cattle
Live and feeder cattle futures settled with triple-digit losses, pressured
by long liquidation, technical selling and disappointing cash demand. Lean hog
contracts closed moderately lower thanks to late-week profit-taking.
By John Harrington
DTN Livestock Analyst
From Friday to Friday livestock futures scored the following Changes: Oct
LC, Off $3.50; Dec LC, Off $3.28; Sep FC, Off $1.05; Oct FC, Off $3.22; Oct LH,
Up $2.73 Dec LH, Up $1.30. Light to moderate activity developed in the Southern
tier of cattle feeding country with most live sales marked at $143, $3 lower
than last week. Scattered sales were reported in the North following Thursday's
moderate trade. A few dressed sales in Nebraska were reported at $222, steady
with Thursday but as much as $5 below last week's weighted average. According
to the closing report, the Iowa hog base is .69 lower compared with the Prior
Day settlement ($63.00-$68.50, weighted average $67.73). Corn closed up 1 3/4
cents in the September and up 1 1/2 cents in the December. The Dow Jones
Industrial Average fell 272.38 points or 1.7% on the close.
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