DTN Closing Livestock Comments 02/14 16:13
Cattle Futures Scored Impressive Reversals
Though hammered on the opening, live and feeder futures managed to
significantly recover through the session, closing with decent forward
progress. On the other hand, lean hog contracts were helpless in shaking off
early bearishness. With the exception of expiring spot Feb, all months finished
with triple-digit losses.
By John Harrington
DTN Livestock Analyst
Light to moderate cash trade developed in most part of cattle country.
Southern live sales at $123 were steady with Tuesday and Wednesday, but $2
lower than last week. Dressed trade in the North ranged from $194-$197 with
most deals marked at $196, generally $4 lower than last week's weighted average
basis Nebraska. According to the closing report, the Iowa hog base closed $1.54
lower compared with the Prior Day settlement ($71.00-83.50, weighted average
$82.48). Corn futures closed fractionally lower thanks to short covering and
suggestions that export business is at least not likely to get any worse. The
stock market finished flat at the conclusion of a lackluster round of business.
Generally speaking, disappointing economic data from the euro zone overshadowed
optimism tied to upbeat jobless claims and a flurry of M&A announcements. The
Dow closed 9 points lower with the Nasdaq better by 1.
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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.