DTN Closing Livestock Comment 08/07 16:24
7 Aug 2017
DTN Closing Livestock Comment 08/07 16:24 Cattle Bears Aggressively Claw Futures With Triple-Digit Losses Live and feeder contracts plunged sharply lower in the new week's opening round, pressured by long liquidation and technical selling. At the same time, lean hog issues extended its early month bounce, supported by short-covering and reports of firming product demand. By John Harrington DTN Livestock Analyst GENERAL COMMENTS The cash cattle trade was not tested as packers limited their early week efforts to the collection of new showlists. Generally speaking, the fed offering seems larger in all major feeding states, especially Texas. According to the closing report, the national hog base is $1.31 lower ($73.00-81.75, weighted average $78.72). Corn futures settled nearly 6 cents higher thanks to a lack of selling interest as the trade looks forward to the USDA's first field-based production estimate scheduled for Thursday. The Dow set another new record, closing 25 points higher at 22,118. The Nasdaq finished the day up 32.