DTN Closing Livestock Comment 11/05 15:46
5 Nov 2015
DTN Closing Livestock Comment 11/05 15:46 Cattle Futures Fall Into Bearish Tailspin Live and feeder cattle contracts collapsed sharply lower for the second consecutive session, hammered by aggressive long liquidation and technical selling. Lean hog futures also settled significantly lower, pressured by defensive fundamentals and spillover selling from the cattle complex. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light-to-moderate trade developed in parts of the Northern tier of cattle feeding country. Dressed sales ranged from $205-$206, generally $5 lower than last week's weighted average basis Nebraska. Some live trade in Nebraska and Iowa was reported at $130, $6-$7 lower. Activity in the South remained at a standstill. According to the closing report, the Iowa hog base is $1.28 lower compared with the Prior Day settlement ($54.00-$55.50, weighted average $54.95). Corn futures slumped 4-6 cents lower, discouraged by bearishly weekly export totals and a strong U.S. dollar. Equities closed mildly lower as investors awaited Friday's key jobs report. The Dow closed 4 points lower with the Nasdaq off 14.