DTN Closing Livestock Comment 11/21 16:42
21 Nov 2017
DTN Closing Livestock Comment 11/21 16:42 Cattle Futures Quickly Reclaim Much of October Placement Sell-Off For the most part, live and feeder futures won triple-digit gains Tuesday thanks to aggressive short-covering and pre-holiday profit-taking. Lean hog paper also staged a major reversal from Monday's activity, closing moderately to sharply lower. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Light-to-moderate trade volume surfaced in most areas of cattle feeding country. Most live sales in the South were marked at $118, $1 lower than last week. Live deals in the North were tagged as high as $120, $0.50 higher than last week's weighted average basis Nebraska. Scattered dressed deals ranged from $188-$190, generally steady. Yet trade volume totals suggest that more cash business is waiting in the wings on Wednesday, especially in the North. According to the closing report, the national hog base is $0.13 higher ($51.00-$57.50, weighted average $56.59). Corn futures settled on a steady basis in very slow trade volume. The stock market closed higher with the Dow positive by 160 points and the Nasdaq up 71.