DTN Closing Livestock Comment 11/21 16:42
Cattle Futures Quickly Reclaim Much of October Placement Sell-Off
For the most part, live and feeder futures won triple-digit gains Tuesday
thanks to aggressive short-covering and pre-holiday profit-taking. Lean hog
paper also staged a major reversal from Monday's activity, closing moderately
to sharply lower.
By John Harrington
DTN Livestock Analyst
Light-to-moderate trade volume surfaced in most areas of cattle feeding
country. Most live sales in the South were marked at $118, $1 lower than last
week. Live deals in the North were tagged as high as $120, $0.50 higher than
last week's weighted average basis Nebraska. Scattered dressed deals ranged
from $188-$190, generally steady. Yet trade volume totals suggest that more
cash business is waiting in the wings on Wednesday, especially in the North.
According to the closing report, the national hog base is $0.13 higher
($51.00-$57.50, weighted average $56.59). Corn futures settled on a steady
basis in very slow trade volume. The stock market closed higher with the Dow
positive by 160 points and the Nasdaq up 71.
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