DTN Closing Livestock Comment 08/24 15:56
24 Aug 2017
DTN Closing Livestock Comment 08/24 15:56 Meat Futures Bounce Moderately Higher Benefiting from late-session short-covering, cattle futures closed moderately higher and well above session lows. Lean hog issues settled higher, supported by profit-taking and the correction of oversold charts. By John Harrington DTN Livestock Analyst GENERAL COMMENTS The fed cattle trade was very light with a few scattered live deals reported in Texas at $106, and scattered dressed trade turned in at $170 basis Iowa and Nebraska. According to the closing report, the national hog base is $1.28 lower ($65-$70, weighted average $67.89). The corn market closed fractionally higher in lackluster trade volume. Major stock indices closed mostly lower with the Dow off 28 points and the Nasdaq down by 7.