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DTN Closing Livestock Comment 07/13 16:30
Cattle Futures Close Week Mixed, Still Waiting For Cash News
The cattle complex closed on a mixed basis with live issues moderately lower
and feeder contracts mixed. On the other hand, deferred lean hog contracts
enjoyed another session of short-covering, closing with triple-digit gains.
By John Harrington
DTN Livestock Analyst
After a week-long standoff, some live business is finally surfacing in parts
of the South late Friday afternoon (i.e., $111, $1 to $2 lower than last week).
However, the North remains quiet with bids and asking prices separated by as
much as $10 or more. The National hog base closed off $0.86 compared with the
Prior Day settlement ($67-$76, weighted average $74.19). From Friday to Friday,
livestock futures scored the following changes: Aug LC off $1.82; Oct LC off
$2.25; Aug FC off $1.48; Sep FC off $1.20; Jul LH off $1.42; Aug LH off $5.27.
Corn futures closed 4 to 6 cents lower, essentially erasing the post-report
rally seen on Thursday. Temperatures are expected to moderate in major growing
areas next week. The stock market closed higher with the Dow off 94 points and
the Nasdaq better by 2.
Corn is down 0.25 cents, beans are down 0.5 cents, Chicago wheat is down 4 cents, meal is up 1.3 bucks, and oil is down 16 points.