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DTN Closing Livestock Comment 10/17 15:30
Cattle Futures Tumble in Late Day Trade
The inability to sustain support in cattle futures through the last hour of
trade caused sharp triple-digit losses to develop in live cattle and feeder
cattle markets. This defensive tone in the complex may continue to create
additional market pressure across the rest of the complex later in the week.
By Rick Kment
DTN Analyst
GENERAL COMMENTS
Cash cattle markets remain generally quiet late Tuesday afternoon with a few
token bids developing across cattle country. Bids are seen at $109 live basis
in both the North and South, while dressed bids are reported at $173 per cwt in
Nebraska. At this point, asking prices appear to be pegged at $113 and higher
live basis, and $178 to $180 dressed. Very little feeder interest is being
shown these bids even with the pullback of futures. Most likely, cattle trade
will be delayed until sometime late Thursday or Friday. According to the
closing report, the national hog base is $2.07 higher compared with the Prior
Day settlement ($53.00-$62.50) weighted average $60.44. The corn futures moved
lower in light activity. December futures were 1/4 cent lower Tuesday. The Dow
Jones Index is 40 points higher with the Nasdaq down 2 points.
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