DTN Closing Livestock Comment 09/23 16:01
Cattle Futures Closed Mixed Thanks to Dramatic Late-Session Short-Covering
After struggling with triple-digit losses for most of the session, live and
feeder futures settled on a mixed basis, thanks to a strong late-session rally.
Lean hog contracts closed moderately lower for the most part, checked by
negative fundamentals and a lack of buying interest.
By John Harrington
DTN Livestock Analyst
From Friday to Friday livestock futures scored the following Changes: Oct
LC, Up $2.87; Dec LC, up $1.45; Sep FC, Up $2.60; Oct FC, Up $1.10, Oct LH, Off
$5.22, Dec LH, Off $5.02. The cash cattle trade was limited to
light-to-moderate business in parts of the North with prices ranging from $166
to $168, $2 to $4 lower than last week. While some reluctant buying interest
surfaced Friday morning, feedlot managers raised asking prices once futures
staged an aggressive late-session rally. Note that further trade volume could
develop late this afternoon if buyers and sellers can agree upon price.
According to the closing report, the national hog base is $0.39 lower compared
with the Prior Day settlement ($47.00-$52.50, weighted average $50.88). Corn
futures closed fractionally lower, down 1/4 in the December and down 1/2 in the
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