DTN Closing Livestock Comment 09/29 16:26
Cattle Complex Soars to New All-Time Highs
Though live and feeder contracts opened on a slow basis, they quickly relit
Friday's bullishness and zoomed to new all-time highs in most contracts. Lean
hog contracts reversed early losses tied to the Sep 1 H&P report to close no
worse than mixed.
By John Harrington
DTN Livestock Analyst
Activity in cattle feeding country was limited to the distribution of new
showlists. The offering of ready steers and heifers appears to be generally
larger with only Texas showing more cattle. Preliminary asking prices are
around $161-$162 in the South and $250 to $252-plus in the North. According to
the closing report, the Iowa hog base 0.46 lower compared with the Prior Day
settlement ($100.00-$109.00, weighted average $108.44). The corn market bounced
2-3 cents higher, supported by short covering and early week strength in the
bean pit. U.S. stocks closed down on Monday despite encouraging economic data
as the Hong Kong protests weighed on global markets. The Dow closed 41 points
lower with the Nasdaq off 6.
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