DTN Closing Livestock Comment 08/07 15:49
7 Aug 2018
DTN Closing Livestock Comment 08/07 15:49 Feeder Cattle Plunge Lower Sharp losses swept through the feeder cattle complex Tuesday, as selling pressure broke through nearby support levels and pushed nearby contracts below $150 per hundredweight. This weakened any support developing in live cattle trade. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle activity remains undeveloped Tuesday afternoon as bids and asking prices remain generally hard to accurately pin down. A few asking prices have surfaced through the North with live prices seen at $116 per hundredweight (cwt). But these asking prices are likely to be just a shot in the dark with initial offers more to get the ball rolling than anything else. It is likely that active trade will not develop until later in the day, with increased interest shown over the next two days. According to the closing report, the national hog base is $3.19 lower compared with the Prior Day settlement ($47-$52.50, weighted average $49.88). Corn futures are lower in light activity with July 1/4 cent lower Tuesday. The Dow Jones Index is 118 points higher with the Nasdaq up 22 points.