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DTN Closing Livestock Comment 08/23 17:12
Cattle on Feed Numbers Steady
Cattle on feed numbers remained steady with July 2018 levels, according to
USDA's report on Friday. Sharp losses across the entire complex Friday limited
the focus on the report.
By Rick Kment
DTN Analyst
GENERAL COMMENTS:
Sharp losses flooded the entire livestock market Friday as traders continued
to focus on larger-than-expected beef supplies in July and the bearish market
tone continued as traders adjusted from earlier-week gains. Nearby hog futures
closed limit down, breaking through long-term support levels. From Friday to
Friday, livestock futures scored the following changes: Aug LC, up $4.70; Oct
LC, up $1.35; Aug FC, up $2.78; Sep FC, up $0.88; Oct LH, off $2.70; Dec LH,
off $2.00. Cash cattle trade developed through the second half of Friday with
Southern live trade seen mostly $106 per cwt. This is generally $1 per cwt
higher than last week, but still continues to focus on the underlying market
weakness seen in the entire cattle complex. Dressed trade in the North
developed with most trade to major packers at $175 per cwt. This is $4.50 per
cwt higher than last week. A few deals were reported to regional packers with
delayed delivery agreements at $176 to $178 per cwt. The National Daily Direct
afternoon hog report was $1.57 lower ($55-$70.00, weighted average $64.55 per
cwt) on 13,468 head sold. Corn futures inched lower in light trade with
September down 3 1/2 cents lower. Stock markets were lower in active trade with
the Dow down 623 points and the NASDAQ down 239 points.
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