DTN Closing Livestock Comment 11/12 17:21
12 Nov 2018
DTN Closing Livestock Comment 11/12 17:21 Oversold Lean Hog Futures Bounce Sharply Higher Aggressive short-covering sponsored sharp gains in lean hog futures to start the week as the board surged triple digits toward the cash index. On the other hand, the cattle complex closed mixed thanks to profit-taking and long liquidation. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country was typically quiet with packers focused exclusively on the collection of new showlists. The new offering appears to be generally smaller with only Kansas showing more ready steers and heifers. According to the closing report, the national hog base is $1.51 lower compared with the Prior Day settlement ($47-$54.75, weighted average $51.89). Corn prices closed 1-2 cents higher in lackluster action. The stock market crashed hard Monday with the Dow off 602 points and the Nasdaq down by 206.