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DTN Closing Livestock Comment 03/21 15:18
Hog Trade Takes Advantage of Expanded Limits
Expanded trading limits did little to curb buyer support Thursday with
prices swiftly moving higher, closing $4.50 per cwt higher in most nearby
contracts. This once again sets the stage for wide trading ranges to redevelop
By Rick Kment
GENERAL COMMENTS: Hog futures continue to surge higher with prices shifting
$13 per cwt higher in the last week. Markets have moved more than $25 per cwt
off contract lows in the last month, sparking renewed interest through the
entire complex. Cattle trade got caught up in the buying momentum, although
concerns of cattle and calf losses are bolstering fall and winter price levels.
Corn futures are higher in light activity. May futures gained 4 3/4 cents per
bushel. Dow Jones Index is 219 points higher with Nasdaq up 110 points.
May corn finished up ¼ of a cent, May beans up 2 cents, and May wheat up 8 1/4 cents. Dovish comments by the Fed were the biggest news around the trade today. The weaker dollar helped wheat find some more support that created some buying that spilled over into corn and beans. Headlines about a trade deal coming along nicely according to President Trump didn’t bring out buyers. The news is old and the market is tired of it. Today was the 7th consecutive day with no daily export sale announced and the bearish impact seemed to be limited due to the rally in wheat. According to Reuters the US producer has found some company in the Argentine farmer who is not marketing what is expected to be a 55MMT soybean crop because the Chicago board is too low. Managed money shorts, no export announcements, and delays regarding the trade deal are weighing on prices and farmers continue holding out for good (read bullish) news.