DTN Closing Livestock Comment 08/01 16:20
1 Aug 2019
DTN Closing Livestock Comment 08/01 16:20 Hog Futures Continue Lower Thursday Hog futures market losses expanded Thursday afternoon following a Tweet by President Donald Trump that he plans to impose an additional 10% tariff on $300 billion in Chinese goods on Sept. 1. This sent livestock and stock markets tumbling lower in late-day trade. By Rick Kment DTN Analyst GENERAL COMMENTS: Attempts by traders to rekindle buyer support in lean hog trade at midday Thursday were quickly offset by aggressive losses that took advantage of expanded trading limits. October through February futures closed $3.50 to $4 per cwt lower as traders prepared for more bearish pork market developments. Firm gains held in live cattle trade despite outside market pressure. Cash cattle trade developed in the North Thursday with live trade seen at $114 per cwt, while dressed trade was reported at $183 per cwt. This is fully steady from last week, and may carry the stable tone through the end of the week on any cleanup activity needing to be done. Although bids still remain in the South at $111 per cwt, no additional trade is reported at this point. This could limit additional activity through the week in most areas. Asking prices are seen at $112 and higher in the South while dressed trade is seen at $185 and higher per cwt in the North. The National Daily Direct afternoon hog report was $2.36 lower ($70-$84.50, weighted average $78.03) on 5,086 head sold. Corn futures were lower in light trade with September down 7 1/2 cents. Stock markets took a nosedive after President Donald Trump tweeted he will impose new tariffs on additional Chinese goods. The Dow Jones was down 256 points with the NASDAQ down 58 points.