DTN Closing Livestock Comment 07/28 16:52
28 Jul 2017
DTN Closing Livestock Comment 07/28 16:52 Cattle Futures Close Week With Triple-Digit Losses Live and feeder cattle futures closed sharply lower, pressured by long liquidation, bearish late-summer expectations and news of higher Japanese beef tariffs. Lean hog contracts settled on a mixed basis with nearbys losing ground to deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Light-to-moderate trade developed in several cattle feeding states. Live sales in Texas were marked at $117, generally $3 lower than last week. On the other hand, dressed deals in the North ranged from $187-$188, $2-$3 lower. The national hog base closed off $1.03 compared with the prior day settlement ($76-$82.75, weighted average $80.98). From Friday to Friday, livestock futures scored the following changes: Aug LC off $3.52; Oct LC off $4.98; Aug FC off $6.90; Sep FC off $6.05; Aug LH up $0.30; Oct LH off $0.72. Corn futures closed fractionally higher, but ended up about a nickel lower on the week thanks to more friendly growing weather across much of the Corn Belt. The stock market closed mixed with the Dow off 33 and the NASDAQ off 7.