DTN Closing Livestock Comment 11/11 16:04
11 Nov 2015
DTN Closing Livestock Comment 11/11 16:04 Live, Feeder Futures Show Significant Bottom-Making Potential After an eight-session crash, the cattle complex finally landed a significant bounce thanks to aggressive short covering and technical buying. At the same time, oversold lean hog futures also scored a decent round of recovery, fueled by midweek profit taking and bull spreading. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Any interest in trading fed steers and heifers remained extremely difficult to identify at midweek. Both buyers and sellers remained mum as they watched oversold live and feeder futures surge higher. Given such board volatility, neither side shows interest in even preliminary bids and asking prices. According to the closing report, the Iowa hog base is $0.20 lower compared with the Prior Day settlement ($47.00-$52.50, weighted average $51.77). Nearby corn futures settled 2-3 cents higher, girded by commercial buying and a softer dollar. Equities closed lower, pressured by declines in oil prices and disappointing Macy's earnings. The Dow closed 55 points lower with the Nasdaq off by 16.