DTN Closing Livestock Comment 07/30 15:57
Lean Hog Futures Settle Moderately Lower
Lean contracts closed moderately lower, trimmed by profit taking and
uncertain late-summer fundamentals. The cattle complex settled on a mixed basis
thanks to a combination of light bull spreading and long liquidation.
By John Harrington
DTN Livestock Analyst
Packer inquiry through feedlot country was generally light. While bids were
generally widespread, none came close to tempting sellers to pull triggers.
Most asking prices were noted around $148 in the South and $236-plus in the
North. According to the closing report, the national hog base is $0.73 lower
compared with the Prior Day settlement ($65.00-$76.75, weighted average
$74.53). Corn futures closed a nickel-plus higher Thursday, boosted by short
covering and commercial buying. The stock market closed narrowly mixed as
investors digested more earnings and second-quarter GDP (i.e., up 2.3 percent).
The Dow closed 5 points lower with the Nasdaq up 17.
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