DTN Closing Livestock Comment 09/21 15:59
Lean Hog Futures Resume Early Fall Meltdown
Hog futures closed sharply lower in the first four contracts, hammered by
bearish fundamentals and active bear-spreading. Cattle contracts settled mixed
with nearbys losing ground to deferreds.
By John Harrington
DTN Livestock Analyst
Although a few Northern cattle buyers left some bids of the table (e.g.,
$104/$165-$168) here and there, for the most part, feedlot country remained as
a closed library. Some asking prices were reported at $110 in the South and
$172-$174 in the North. According to the closing report, the national hog base
is $1.12 lower ($45-$51.50, weighted average $49.09). Corn futures closed
fractionally higher at the conclusion of a boring and featureless session. The
stock market closed lower with the Dow off 53 points and the Nasdaq down by 33.
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