DTN Closing Livestock Comment 06/26 16:08
Cattle Futures Reverse From Lower Opening to Close With Triple-Digit Gains
Live and feeder futures closed sharply higher with the help of aggressive
short-covering and ideas of cash stability. Lean hog issues settled higher with
spot July commanding most of the buying interest.
By John Harrington
DTN Livestock Analyst
Action in feedlot country was typically slow as the new week began with
packers focusing exclusively on the gathering of new showlists. Ready numbers
are generally smaller than last year with only Colorado offering a steady
supply. According to the closing report, the national hog base is .02 higher
($82.00-87.50, weighted average $85.82). Corn futures settled 1-2 cents higher
thanks to light short-covering. The stock market closed on a mixed basis with
the Dow up 14 points and the Nasdaq off 18.
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