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DTN Closing Livestock Comment 09/12 16:01
   Nearby Live Pit Pressured By Lackluster Packer Demand

   Cattle futures closed lower in the live pit and mixed in the feeder trade.
On the other hand, lean hog contracts finished the week mostly lower, checked
by late profit-taking.

By John Harrington
DTN Livestock Analyst


   From Friday to Friday livestock futures scored the following changes: Oct
LC, Off 3.48, Dec LC, Off 1.67; Sep FC, Up 3.75; Oct FC, Up 1.55; Oct LH, Up
.08; Dec LH, Up .85. The cash cattle trade was lower in most areas today with
Southern feedlots selling cattle at $161 to $162, generally $1 to $2 lower than
last week. On the other hand, dressed deals in the North ranged between $248
and $250, $1 to $3 lower than last week's weighted average basis Nebraska.
However, trade volume for the week looks generally light, implying that packers
will start out next week quite short-bought. Yet, it could also mean that
showlists will be somewhat larger thanks to unsold steers and heifers carried
over. According to the closing report, the Iowa hog base $0.24 higher compared
with the Prior Day settlement ($90.00-$104.50, weighted average 102.99). The
corn market closed mainly 2 to 3 cents lower, except for the September contract
which was 7 1/4 higher.
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