DTN Closing Livestock Comment 08/30 16:32
Cattle Bulls Roar Back to Life With Key Reversals
Pressured through most of the session, cattle futures aggressively attracted
new buyers late in the day to score a bumper crop of key reversals. Lean hog
contracts settled moderately higher, boosted by short-covering and spillover
support from the cattle complex.
By John Harrington
DTN Livestock Analyst
Fairly active trade volume surfaced in the Northern tier of cattle feeding
country with most dressed deals marked at $175, $2 lower than Monday's thin
test and $6 lower than last week. Most live sales were marked at $110, $4.50
short of last week. Light business was reported in parts of the South at $110,
$5 below the previous week. According to the closing report, the national hog
base is $0.15 lower compared with the Prior Day settlement ($53.00-$61.00,
weighted average $59.82). Corn futures sagging under another round of selling
pressure with multiple issues once again setting new contracts lows (i.e., off
5-7 cents). U.S. stocks closed lower as investors analyzed strong consumer data
while keeping an eye on Federal Reserve ahead of Friday's jobs report. The Dow
closed 48 points lower with the Nasdaq down by 9.
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