DTN Closing Livestock Comment 04/01 16:19
Hog Paper Extends Post-Report Pop
Lean hog futures settled moderately higher, supported by follow-through
buying and further post-report short covering. The cattle complex finished
with mixed prices at the conclusion of a very choppy session.
By John Harrington
DTN Livestock Analyst
Beyond the idle scattering of a few dressed bids of $260-$263, feedlot
country remained essentially quiet at midweek. Asking prices held generally
firm at $167-$168 in the South and $266 to $268-plus in the North. According to
the closing report, the Iowa hog base closed $0.14 higher compared with the
Prior Day settlement ($52.00-$57.50, weighted average $56.54). The corn market
managed to recover almost a third of Tuesday's crash sparked by bearish stocks
and planting intentions. Besides short covering by those who saw Tuesday's
slide as excessive, contracts settled generally 6 cents higher with the help of
strength in the bean and wheat pits. U.S. stocks closed lower as investors
weighed softness in economic data (e.g., ADP employment report for March showed
an increase of 189,000 in monthly private payrolls, below expectations of
around 225,00). The Dow closed 77 points lower with the Nasdaq off 20.
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