DTN Closing Livestock Comment 01/28 15:52
Live Cattle Futures Stage Midweek Recovery
Lean hog futures closed sharply higher, supported by short-covering and
technical buying. At the same time, cattle contracts settled mostly higher with
nearbys generally gaining on deferreds.
By John Harrington
DTN Livestock Analyst
The cash cattle trade was not tested today with just a few scattered bids
noted in parts of the North. Some showlists were priced around $162 in the
South and $260-plus in the North. Buying interest is expected to increase on
Thursday or Friday. According to the closing report, the Iowa hog base closed
$0.21 lower compared with the Prior Day settlement ($56.50-$68.25, weighted
average $67.55). Corn futures closed lower, down 8 in the March and down 8 1/4
in the May.
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