DTN Closing Livestock Comment 08/20 16:15
Hog Paper Cools From Red-Hot Late-Week Rally
Lean hog futures closed lower thanks to long liquidation and profit-taking
in the wake of last week's board explosion on Thursday and Friday. On the other
hand, the cattle complex settled narrowly mixed tied to a slow combination of
commercial selling and short-covering.
By John Harrington
DTN Livestock Analyst
Feedlot country was typically quiet for a Monday with buyers and sellers
solely focused on the distribution of new showlists. The offering looks larger
in Texas, some smaller in Kansas and Nebraska, and about unchanged in Colorado.
Overall, ready numbers look about steady with last week. According to the
closing report, the national hog base is $0.37 lower compared with the Prior
Day settlement ($38-$41, weighted average $40.21). Corn futures settled several
cents lower, pressured by beneficial rains over the weekend in the western and
central Corn Belt. The stock market closed higher with the Dow up 89 points and
the Nasdaq better by 4.
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