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DTN Closing Livestock Comment 01/16 16:41
Live Cattle Futures Rebound Late Wednesday
The lean hog and feeder cattle markets were under strong pressure most of
Wednesday. Some additional weakness resulted from traders focusing on renewed
grain market support.
By Rick Kment
GENERAL COMMENTS: Sharp losses in lean hog futures stole the thunder from
livestock markets Wednesday with nearby lean hog futures down over $2 per
hundredweight. Despite sluggish movement in cattle trade, late-day buying
pushed nearby contracts to new highs once again. Cash cattle trade remains
quiet with just a few bids developing at $197 dressed basis. Activity should
improve over the next couple of days with asking prices holding at current
levels. According to the closing report, the national hog base is $0.26 higher
($46-$53, weighted average $51.70). Corn futures were higher in light activity
with the March contract closing 2 cents higher. The Dow Jones Index closed 141
points higher with the Nasdaq up 10 points.
March corn is up 2.25 cents, March Chicago wheat is up 3 cents, March beans are up 5.25 cents, March meal is up $1.40, and March bean oil is up 2 points.