DTN Closing Livestock Comment 04/19 16:08
Beef Futures Reverse to Bearish Tune of Triple Digits
After opening higher on signs of greater packer spending in the country,
live cattle futures turned over near midsession and closed with triple-digit
losses. Lean hog contracts settled moderately lower for the most part, checked
by profit-taking and spillover selling from the cattle board.
By John Harrington
DTN Livestock Analyst
Moderate-to-active cash trade developed early Thursday morning in the South
with feedlot sales generally $4 higher than last week ($121-$122). On the other
hand, country business never got off the ground in the North, especially once
cattle futures fell out of bed. According to the closing report, the national
hog base is $3.16 ($48-$60, weighted average $57.33). Corn futures closed
fractionally lower at the conclusion of a lackluster session. Planting
conditions are expected to warm over the week ahead. The stock market closed
lower with the Dow off 83 points and the Nasdaq down by 57.
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