DTN Closing Livestock Comment 12/08 15:21
Additional Pressure Sweeps Through Feeder Cattle Complex
Late-day pressure swept through the feeder cattle futures Friday afternoon,
leaving nearby contracts with triple-digit losses once again. The rest of the
livestock market remained mixed with firmness developing in hog trade as live
cattle markets focused on pressure in the feeder cattle complex.
By Rick Kment
Cash cattle markets remained inactive Friday with packers seemingly content
with the light trade that developed over the last several days. Trade this week
was spread over three days and really never hit a strong stride on any day as
the sharp losses in futures trade was the main focus of the market and quickly
limited interest on both sides. Packers should be short-bought going into the
weekend, but that may not add significant motivation to speed up the process.
According to the closing report, the national hog base is $0.10 lower with the
prior day settlement ($53-$60, weighted average $59.10). From Friday to Friday,
livestock futures scored the following changes: Dec LC up $1.65; Feb LC off
$3.67; Jan FC off $5.10; Mar FC off $14.70 Dec LH off $1.60; Feb LH off $1.87.
March futures were 1 cent higher Friday. The Dow Jones Index is 84 points
higher with the Nasdaq up 27 points.
Get your local Cash Bids emailed to you each morning from DTN – click here
to sign up for DTN Snapshot.