DTN Closing Livestock Comment 10/30 15:25
Cattle Complex Enjoys Short-Covering Rally
Live and feeder futures settled with solid progress thanks in part to short
covering by specs and commercials prior to the development of late-week cash.
Conversely, lean hogs suffered triple-digit losses, pressured by follow-through
selling and a general lack of buying interest.
By John Harrington
DTN Livestock Analyst
Following another scoreless cash inning of no hits, errors, or runs, cattle
buyers and sellers will apparently wait until Friday to determine the outcome
of this week's market series. Country bids Thursday were few and far between,
while asking prices remained firm at $172-$173 in the South and $270-plus in
the North. According to the closing report, the Iowa hog base closed $0.55
higher compared with the Prior Day settlement ($77.00-$87.00, weighted average
$86.77). The corn market finished a penny-plus lower, trimmed by profit taking
and spillover selling from the bean pit. The stock market jumped on Thursday,
with Visa helping lift the Dow industrials into the green for October, after
data showed the U.S. economy grew more than expected last quarter. The Dow
closed 221 points higher with the Nasdaq up 16.
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