DTN Closing Livestock Comment 09/02 16:12
Cattle Complex Returns With Significant Price Surge.
Live and feeder cattle futures closed with triple-digit gains, chased higher
after the holiday by follow-through buying and cash market bulls. Lean hog
contracts also finished with impressive progress, though nearby contracts
retreated a great deals from extreme early session highs.
By John Harrington
DTN Livestock Analyst
Activity in cattle country was limited to the distribution of new showlists.
Ready numbers appear to be generally smaller with only Texas offering more
slaughter steers and heifers. A few asking prices were suggested around
$158-plus in the South and $248 to $250 in the North. According to the closing
report, the Iowa hog base is .72 higher compared with the Prior Day settlement
($86.00-$94.00, weighted average $93.31). The corn market drifted generally 1-3
cents thanks to a lack of news and the path of least resistance. The stock
market closed mostly lower as energy companies dropped along with the price of
oil and investors fretted whether the European Central Bank would make further
monetary policy moves this week. The Dow closed 30 points lower with the Nasdaq
Your local weather forecast from DTN can be sent to your email every morning free through DTN Snapshot