DTN Closing Livestock Comment 01/08 16:20
8 Jan 2018
DTN Closing Livestock Comment 01/08 16:20 Nearby Cattle Contracts Close Sharply Lower Pressured by long liquidation and technical selling, the cattle complex settled significantly lower with live issues hit much harder than their feeder counterparts. Conversely, lean hog issues closed solidly higher, supported by firm cash sales and pork demand optimism. By John Harrington DTN Livestock Analyst GENERAL COMMENTS In a surprising burst of early week buying, cattle buyers succeeded in collecting moderate numbers at lower money. Live business in the South, Colorado, and western Nebraska was marked at mostly $120, roughly $1.50 lower than last week's weighted averages. Such unexpected movement was no doubt tied in some way (either attractive basis strength or mounting bearish psychology) to the imploding board. According to the closing report, the national hog base is $1.60 higher ($57.00-67.75), weighted average $59.39). Corn futures finished generally 4 cents lower, checked by a lack of buying interest and some signs of greater cash selling. Equities closed mixed with the Dow off 12 points and the Nasdaq up by 20.