DTN Closing Livestock Comment 09/30 16:17
Lean Hog Futures Distance Further From Negative H&P Report
The lean hog pit closed with decent progress, supported by short covering
and ideas that the quarterly inventory had already been fully discounted.
Cattle pit settled on a mixed basis with live contracts lower and feeder issues
By John Harrington
DTN Livestock Analyst
Tuesday's cash cattle market was pretty much a no show with virtually
short-bought packers not bothering with even token bids. Some showlists were
priced around $162 in the South and $253 to $255-plus in the North. According
to the closing report, the Iowa hog base $0.45 higher compared with the Prior
Day settlement ($95.50-$111.50, weighted average $108.89). Corn futures
struggled further on news of a larger than expected Sept. 1 stockpile (1.236
billion bushels). Most contracts closed a nickel lower with December falling to
another new contract low. The stock market fell on Tuesday, with equities
posting September losses and quarterly gains, as portfolio managers engaged in
end-of-quarter positioning. The Dow closed 28 points higher with the Nasdaq
down by 12.
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