DTN Closing Livestock Comment 04/23 16:44
Cattle Futures Open the Week With Sharp Gains
Live and feeder futures closed sharply higher, supported by recent strength
in feedlot sales and technical buying. Nearby lean hog contracts slumped with
triple-digit losses tied to long liquidation and uncertain fundamentals.
By John Harrington
DTN Livestock Analyst
Activity in cattle feeding country on Monday was limited to the distribution
of new showlists. The fed offering appears to be generally smaller than last
week, especially in Nebraska and Texas. According to the closing report, the
national hog base is $.09 lower ($52.00-to-$58.50, weighted average $57.67).
Corn futures closed several cents higher with the help of light buying and
short covering. The stock market closed lower for the fourth consecutive
session with the Dow off 14 points and the Nasdaq down by 17.
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