By DTN/The Progressive Farmer
Tue 22 Jan 2013 16:40:00 CT
DTN Closing Livestock Comments 01/22 16:08
Meat Futures Settle With Moderate Progress
Though most cattle contracts closed with decent gains, final settlements
were well off session highs thanks to late selling. Lean hog futures also
finished moderately higher, supported by ideas of constructive seasonal
By John Harrington
DTN Livestock Analyst
The fed cattle trade was not tested Tuesday with both bids and asking prices
poorly defined. Some steers and heifers were priced around $127 in the South
and $200-plus in the North. According to the closing report, the Iowa hog base
closed .70 higher compared with the Prior Day settlement ($74.50-$89.00,
weighted average $86.48). Although corn futures traded several cents higher for
most of the session, supported by aggressive buying in the bean pit, late
buying and long liquidation left contracts no better than mixed on the close.
Stocks reversed earlier losses to settle higher for a third-straight session.
Late buying seemed to surface ahead of a busy week of corporate earnings and
amid hope for a deal on the debt ceiling. The Dow closed 62 points higher with
the Nasdaq better by 8.
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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.