DTN Closing Livestock Comment 04/27 16:45
Cattle Futures Pull Back in Week's Opening Round
Live and feeder contracts closed significantly lower for the most part,
pressured by long liquidation, March's larger-than-expected placement and beef
demand worries. On the other hand, lean hog futures settled narrowly mixed with
nearby generally gaining ground on the far deferreds.
By John Harrington
DTN Livestock Analyst
Feedlot country was very quiet with activity limited to the distribution of
new showlists. Ready numbers are generally smaller than the previous week,
especially in Kansas. A few showlists were priced around $161 in the South and
$263-plus in the North. According to the closing report, the Iowa hog base
closed $2 higher compared with the Prior Day settlement ($58.00-$67.50,
weighted average $66.72). The corn market settled about 4-5 cents lower thanks
to ideas of decent plant weather ahead and sharply lower wheat prices. U.S.
stocks closed lower as investors watched earnings and looked ahead to the
beginning of the two-day Federal Reserve meeting on Tuesday. The Dow closed
points lower with the Nasdaq down by 31.
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