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DTN Closing Livestock Comment 08/18 16:42
At Conclusion of Another Negative Week, Beef Futures Settle With Mixed Prices
The cattle complex closed on a mixed basis with deferred contracts generally
holding up better than nearbys. Lean hog contracts also finished with mixed
results, scrambled by a combination of long-liquidation and late-week
profit-taking.
By John Harrington
DTN Livestock Analyst
GENERAL COMMENTS
The cash cattle trade was not tested in the late rounds with buyers and
sellers apparently satisfied with trade volume generated on Wednesday and
Thursday. Showlists next week are expected to be steady to somewhat larger in
size. Feedlot managers will be pricing ready cattle in a way that hopefully
works to stabilize the late-summer sell-off. The National hog base closed off
$2.06 compared with the Prior Day settlement ($69-$75, weighted average
$73.34). From Friday to Friday, livestock futures scored the following changes:
Aug LC off $3.35; Oct LC off $1.50; Aug FC off $1.27; Sep FC off $2.20; Oct LH
off $2.50; Dec LH off $1.15. Corn futures closed about a penny lower, modestly
supported by late-week short-covering. The stock market closed lower with the
Dow off 76 and the NASDAQ down by 5.
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