DTN Closing Livestock Comment 07/23 16:56
23 Jul 2018
DTN Closing Livestock Comment 07/23 16:56 Majority of Livestock Futures Open Trading Week With Forward Progress Lean hog futures settled mostly higher Monday, supported by short-covering and longer-term confidence in pork demand. Despite the implications of the July 1 inventory pointing to more-than-ample beef supplies next year and beyond, deferred live futures were well supported. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Efforts and energies in feedlot country were typically restricted Monday to the distributions of new showlists. The offering looks generally smaller with only Texas reporting a few less steers and heifers. According to the closing report, the national hog base is $1.47 lower compared with the Prior Day settlement ($64-$69.59, weighted average $66.59). Corn futures settled 2 cents higher, supported by dry conditions over the weekend and ideas of further downgrading in crop ratings. The stock market closed mixed with the Dow off 13 points and the Nasdaq stronger by 21.