DTN Closing Livestock Comment 12/18 16:16
Cattle Futures Finally Pull Out of Enormous Price Collapse
The cattle complex closed with an impressive round of triple-digit gains,
lifted by short covering, profit taking and technical buying. Following the
leader, lean hog futures also closed significantly higher.
By John Harrington
DTN Livestock Analyst
The cash cattle trade was limited to scattered sales in parts of Nebraska
(i.e., $250 dressed; $158 live) and Kansas ($157). Asking prices seemed to firm
once futures started to trend higher. According to the closing report, the
national hog base closed $1.58 lower compared with the Prior Day settlement
($75.75-$77.50, weighted average $76.05). Corn futures finished 2-3 cents
higher, supported by aggressive buying in the wheat pit. U.S. stocks rallied on
Thursday with the Dow climbing more than 400 points for the first time in three
years. The Dow closed 421 points higher with the Nasdaq up 104.
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