DTN Closing Livestock Comment 07/24 15:47
24 Jul 2018
DTN Closing Livestock Comment 07/24 15:47 Hog Futures Unable to Hold Early Gains Strong, triple-digit gains in lean hog futures through the morning eroded with limited market direction through the complex. This could allow for additional pressure later in the week. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle interest is starting to slowly develop Tuesday afternoon, although actual cash trade is still likely to be delayed until later in the week. A wide price gap exists between token bids and asking prices which were floated across the market Tuesday. Bids developed at $108 to $110 live basis, with the higher end of these in the South. Dressed basis bids are $177 per cwt. Asking prices, on the other hand, remain at $115 and higher live basis, and $183 dressed basis. According to the closing report, the national hog base is $0.51 lower compared with the Prior Day settlement ($63.00-$68.00) weighted average $66.06. Corn futures are lower in light activity. July futures were 5 cents lower Tuesday. The Dow Jones Index is 197 points higher with the Nasdaq down 2 points.