DTN Closing Livestock Comment 02/26 16:45
Cattle Futures Rocket Higher
Live and feeder cattle contracts hit upon a bullish explosion Thursday,
sparked by aggressive short covering and ideas of greater cash stability. On
the other hand, lean hog futures settled significantly lower, checked by profit
taking and technical selling.
By John Harrington
DTN Livestock Analyst
The cash cattle trade remained untested in the face of light packer demand
and scattered, half-hearted bids. Asking prices remained firm at $162-plus in
the South and $260-plus in the North. According to the closing report, the Iowa
hog base closed $0.44 higher compared with the Prior Day settlement
($61.00-$67.50, weighted average $66.48). The corn market settled 4-plus cents
higher as spec-buying interest offset somewhat disappointing export news. U.S.
stocks closed narrowly mixed with stocks near recent highs. The Dow closed 10
points lower with the Nasdaq better by 20.
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