By DTN/The Progressive Farmer
Mon 04 Feb 2013 16:30:00 CT
DTN Closing Livestock Comments 02/04 15:55
Cattle Futures Close Mostly Higher
Live and feeder contracts settled mostly higher at the conclusion of a
lightly traded session. The lean hog pit closed on a mixed basis with summer
months losing ground to both spot Feb and far deferred contracts.
By John Harrington
DTN Livestock Analyst
Activity in the cash cattle market was typically quiet as buyers picked up
new showlists and went home. Ready numbers are generally steady with last week
(i.e., smaller in Kansas, larger in Colorado, and near unchanged in Texas and
Nebraska). Feeding companies priced steers and heifers around $128 in the South
and $205 in the North. According to the closing report, the Iowa hog base
closed $1.39 lower compared with the Prior Day settlement ($85.00-$89.00,
weighted average $87.78). Yet note that this test was very light we only 963
head counted on a negotiated carcass basis. Corn futures closed with uneven
price changes, up 1-2 cents to off 1-2 cents (old crop losing ground to new).
The stock market launched the week in an awkward manner with all three major
averages posting their worst one-day performance this year. Sources on Wall
Street blamed renewed worries over Europe and investors taking profits after
the Dow topped 14,000 for the first time since October 2007 last week. The Dow
closed 129 points lower with the Nasdaq down by 47.
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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.