By DTN/The Progressive Farmer
Tue 08 Jan 2013 17:15:00 CT
DTN Closing Livestock Comments 01/08 16:43
Feeder Futures Retreat With Triple-Digit Losses
The cattle complex closed lower with feeders losing a significant amount of
ground to their feeder counterparts. On the other hand, the lean hog pit
finished on a mixed basis. Generally speaking, nearby contracts outperformed
the far deferreds.
By John Harrington
DTN Livestock Analyst
Surprisingly, light cattle trading developed in parts of Texas and Nebraska.
Prices were steady with last week, $128 South and $205 North. Yet demand was
quite narrow with most packers not even voicing bids. Similarly, most showlists
seemed to be priced around $130-plus in the South and $207-plus in the North.
According to the closing report, the Iowa hog base closed $2.37 lower compared
with the Prior Day settlement ($69.00-84.50, weighted average $81.18). Corn
futures ended considerably off session highs but still 3-4 cents higher as
traders positioned ahead of grain reports scheduled for release on Friday.
Equities finished lower for the second consecutive session as investors
remained on the sidelines ahead of what is expected to be a weak fourth-quarter
earnings season. The Dow settled 55 points lower with the Nasdaq off by 4.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.