By DTN/The Progressive Farmer
Wed 06 Feb 2013 16:35:00 CT
DTN Closing Livestock Comments 02/06 16:00
Meat Futures Pulled Lower by General Commodity Selling
Triple-digit losses dominated the lean hog pit as prices sank in the face of
defensive signs of pork demand and widespread interest in commodity selling.
The cattle complex also closed significantly with feeder futures losing ground
to their live counterparts.
By John Harrington
DTN Livestock Analyst
According to the closing report, the Iowa hog base closed 0.94 lower
compared with the Prior Day settlement ($78.00-$90.00, weighted average
$88.10). The cash cattle market at midday staged all the liveliness of a ghost
town. A few scattered bids of $123 were evident in parts of the South, but
beyond that, buying interest was generally too dead to skin. Some showlists
were priced around $127-$128 in the South and $205-plus in the North. Corn
futures settled 5-7 cents lower, pressured by cautious before the release of
new S&D tables on Friday and fund liquidations. Although stocks recovered
nicely from early selling pressure, gains were limited by weakness in techs and
as investors were reluctant to jump in following recent rallies that propelled
major averages to five-year highs. The Dow finished 7 points higher with the
Nasdaq off 3.
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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.