By DTN/The Progressive Farmer
Wed 20 Feb 2013 16:15:00 CT
DTN Closing Livestock Comments 02/20 15:42
Live, Feeder Futures Implode in the Face of Demand Concerns
Selling interest once again rocked the entire cattle complex, fueled by
nervousness over beef demand and the possible implications of sequestration.
Regarding the latter, many specs and commercials remained spooked by the threat
of furloughed meat inspectors.
By John Harrington
DTN Livestock Analyst
Light trade volume surfaced in parts of Texas near midday with live business
marked at $123, steady with last week. Although some Northern producers
reported decent packer inquiry, most buyers were reluctant to suggest bids that
might be interpreted as attractive. According to the closing report, the Iowa
hog base closed 0.98 lower compared with the Prior Day settlement
($66.00-$80.00, weighted average $78.31). The corn market closed 3-5 cents
higher, supported by commercial buying and spillover enthusiasm from the bean
pit. Equities ended near session lows thanks in part to the Federal Reserve's
meeting minutes that signaled that the Fed may not continue its bond-buying
program down the road. The Dow closed 108 points lower with the Nasdaq off 49.
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