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DTN Closing Livestock Comment 10/17 17:11
Lean Hog Futures Bomb With Triple-Digit Losses
Hog paper closed sharply lower, pressured by defensive cash action and
seasonal fundamentals. The cattle complex settled with mixed price with
deferreds losing ground to spot contracts.
By John Harrington
DTN Livestock Analyst
Light trade was scattered around parts of the North Wednesday with a few
dressed deals marked at $110-$111. At the same time, a few live bids in the
North were tagged at $172-$174. On the other hand, the South remained at an
essential standstill with significant trade volume delayed until Thursday or
Friday. According to the closing report, the national hog base is $0.79 lower
compared with the Prior Day settlement ($53-$60.50, weighted average $58.97).
Corn futures settled about a penny lower, pressured by dry forecasts and hopes
of harvest progress. The stock market closed lower with the Dow down 97 points
and the Nasdaq off by 2.
Corn is down 1.25 cents, Chicago wheat is down 5.25 cents, beans are down 1.75 cents, meal is up 10 cents, and soy oil is up 7 points.