By DTN/The Progressive Farmer
Thu 17 Jan 2013 17:25:00 CT
DTN Closing Livestock Comments 01/17 16:50
Live and Feeder Futures Implode on News of Plant Closing
The cattle complex once again plunged sharply lower thanks to aggressive
selling sparked by Cargill's announcement of the Plainview plant closing. On
the other hand, lean hog contracts finished mostly higher with the help of
positive fundamentals and bull spreading interest.
By John Harrington
DTN Livestock Analyst
The cash cattle trade was very slow with just a small handful of sales
reported in parts of the North (i.e., $197.50/$123.50). Buyers started the day
in a cautious frame of mind but virtually disappeared once the board hit the
skids. According to the closing report, the Iowa hog base closed $1.82 higher
compared with the Prior Day settlement ($75.00-$89.50, weighted average
$86.66). The corn market settled generally 4-7 cents lower, pressured by profit
taking as well as selling in beans and wheat. The stock market ended sharply
higher with the S&P 500 at its best level in more than five years. The Dow
closed 84 points in the black and the Nasdaq advanced by 18.
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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.