By DTN/The Progressive Farmer
Mon 08 Apr 2013 17:30:00 CT
DTN Closing Livestock Comments 04/08 16:59
Meat Contracts Stage Early Week Recovery Following Friday's Sell-Off
Live and feeder futures settled moderately higher, supported by short
covering and the premium status of last week's cash trade. Lean hogs also
recovered somewhat from last week's price crash with the help of profit taking
and seasonal optimism.
By John Harrington
DTN Livestock Analyst
Showlist distribution was the main activity employing feedlot managers and
packers. The new offering is generally smaller with only Kansas showing a few
more ready steers and heifers. The sample of preliminary asking prices ranged
from $129-$130 live in parts of the South and $207-plus dressed in parts of the
North. According to the closing report, the Iowa hog base closed 0.99 lower
compared with the Prior Day settlement ($67.00-$81.75, weighted average
$79.36). The corn market finished on a mixed basis with old crop up 2-4 cents
and new crop off 3-4. Stocks reversed their early losses to end near session
highs in thin trading through the opening session of the week. The Dow closed
48 points higher with the Nasdaq better by 18.
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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.