DTN Closing Livestock Comment 07/19 16:29
With Uneven and Uneventful Prices, Livestock Futures Exit a Slow Session
The cattle complex closed in narrow ranges and mixed prices as traders
cautiously positioned ahead of cash news and the late-week posting of the July
1 on-feed report. Lean hog futures also closed without consistent trend thanks
in part to a variety of spreading strategies.
By John Harrington
DTN Livestock Analyst
The cash cattle trade remained untested with bids and asking prices
separated by as much as $7 on a live basis (e.g., $108 versus $115). According
to the closing report, the national hog base is $1.32 lower compared with the
Prior Day settlement ($65-$72.99, weighted average $69.25). Corn futures closed
generally 4 cents higher, supported dry weather forecasts, especially in the
Southern Plains. The stock market closed lower with the Dow off 134 points and
the Nasdaq down by 29.
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