DTN Closing Livestock Comment 10/19 20:00
Livestock Futures Close in Red Thanks to General Lack of Late-Week Buying
Bears kept pounding on the lean hog futures thanks to the overwhelming
reality of large numbers of ready barrows and gilts. The cattle complex settled
moderately lower linked to a lack of constructive fundamentals.
By John Harrington
DTN Livestock Analyst
The cash cattle market was poorly tested with Southern feedlot managers
continuing to reject bids of $111. According to the midday report, the national
hog base was $0.44 higher compared with the Prior Day settlement ($52-$59.37,
weighted average $66.08). Corn futures settled 3-4 cents lower, checked in part
by canceled buying interest from China. Wall Street closed mixed with the Dow
up 64 points and the Nasdaq negative by 38. From Friday to Friday, livestock
futures scored the following changes: Oct LC, off $0.07; Dec LC, up $0.60; Oct
FC, off $0.05; Nov FC, off $0.52; Dec LH, off $3.40; Feb LH, off $3.20.
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