DTN Closing Livestock Comment 06/08 16:43
8 Jun 2018
DTN Closing Livestock Comment 06/08 16:43 Cattle, Hog Futures Close Week With Bullish Confidence The cattle complex settled solidly higher thanks to evidence of greater spending in the country and technical-buying interest. Lean hog contracts also closed with a firm undertone, supported by impressive fundamentals and bull-spreading activity. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Bullish-minded feedlot managers successfully outwaited short-bought packers Friday, generating sharply higher country business and trade volume in the process. Most steers and heifers in the South were marked at $115 on a live basis, roughly $5 higher than last week. On the other hand, most dressed deals in the North were tagged at $183-184, $6-$7 higher than weighted averages reported last week. According to the closing report, the national hog base is $1.07 higher ($70-$79, weighted average $76.48). Corn futures closed a penny plus higher on rather uninspired late-week short-covering and profit-taking. The stock market closed higher with the Dow up 75 points and the Nasdaq better by 10.