DTN Closing Livestock Comment 10/03 15:24
3 Oct 2018
DTN Closing Livestock Comment 10/03 15:24 Sharp Losses Develop Midweek Cattle and hog futures saw triple-digit price pressure Wednesday as traders quickly and aggressively moved away from previous support. This shift could cause some additional volatility through the end of the week. By Rick Kment DTN Analyst GENERAL COMMENTS: Cash cattle bids remain undeveloped at midweek following the general pressure in futures trade. This is causing both sides to reassess overall market direction, and likely will limit active packer interest until late week. Bids may become more evident late Wednesday evening or sometime during the day Thursday, but it is unlikely feeders will give them much attention unless a major shift lower develops in futures. Asking prices are starting around $114 to $115 live and $180 and higher dressed. According to the closing report, the national hog base is $0.19 lower compared with the prior day settlement ($58.00-$64.90) weighted average $63.32. Corn futures are lower in light activity. December futures were 2 3/4 cents lower. Dow Jones Index is 75 points higher with Nasdaq up 31 points.