DTN Closing Livestock Comment 07/18 17:32
Bullish Traders Slam Cattle Futures Triple Digits Higher
Live and feeder contracts closed sharply higher thanks to aggressive
short-covering, technical-buying and cash premiums. Lean hog issues settled on
a mixed basis with nearbys generally losing ground to deferreds.
By John Harrington
DTN Livestock Analyst
Aside from a smattering of cash bids (i.e., $107-$108 in the South and
$172-$173 in the North), the cash cattle trade remained at a standstill.
According to the closing report, the national hog base is $1.36 lower compared
with the Prior Day settlement ($67-$73, weighted average $70.62). Corn futures
settled about a penny plus higher in slow market conditions. The stock market
closed 79 points higher in the Dow and fractionally lower basis the Nasdaq.
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