DTN Closing Livestock Comment 01/17 16:43
Cattle Futures Slam Higher With Triple-Digit Gains
Live and feeder contracts soared sharply higher, supported by aggressive
short-covering, technical-buying and cash optimism. Lean hog issues finished
mostly lower with nearbys losing ground to deferreds.
By John Harrington
DTN Livestock Analyst
Feedlot country saw a few more bids Wednesday (e.g., $118 live; $188-$190
dressed), but nothing exciting enough to draw the least bit of selling
interest. According to the closing report, the national hog base is $0.07 lower
($62-$71.50, weighted average $69.64). Nearby corn futures jumped 4 cents
higher, the biggest one-day pop since mid-November. Trade sources credited
commercial buying and a general lack of selling interest. The stock market
roared back to life following Tuesday's set-back with the Dow closing 322
points higher (over 26,000 ever) and the Nasdaq settling up 74.