By DTN/The Progressive Farmer
Tue 05 Mar 2013 17:20:00 CT
DTN Closing Livestock Comments 03/05 16:49
Meat Futures Slide Lower on Demand Fears and Technical Selling
The cattle complex closed significantly lower with triple-digit losses
dominating the feeder pit. At the same time, lean hog contracts plunged to
four-month lows, pressured by ideas of faltering pork demand and a general lack
of chart support.
By John Harrington
DTN Livestock Analyst
Feedlot country remained at a standstill through the day with neither bids
nor asking prices well defined. A few showlists were priced around $130-plus in
the South and $207-plus in the North. According to the closing report, the Iowa
hog base closed 0.01 higher compared with the Prior Day settlement
($62.00-$78.00, weighted average $76.82). Corn futures closed mostly 1 to 9
cents higher, powered by bull spreading and further commercial buying. The Dow
Jones Industrial Average pierced through levels last seen in 2007 to close at a
record high, supported by an upbeat ISM non-manufacturing index and amid
ongoing monetary support from the Federal Reserve. The Dow closed at 14,253, up
125 points. The Nasdaq settled up 14.
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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.