DTN Closing Livestock Comment 08/11 15:23
Lean Hogs Test Fresh Contract Highs
Live cattle and hog futures continued their upward trends on Thursday, but
feeder cattle struggled to hold onto gains while feed prices were surging.
There has been a generally bullish theme to the livestock prices this week
in a competitively matched supply-and-demand situation and alongside other
outside markets. A WASDE report coming Friday will likely keep the feed markets
(and feeder cattle market) jumping one way or another. The cash cattle market
Thursday saw a light trade in the South at $140, roughly $3.50 to $4.50 higher
than last week's weighted averages. Some asking prices remain firm at $142 in
the South and $232 in the North. This follows Wednesday's light to moderate
business in Nebraska and Iowa at mostly $229, about $2 higher than last week's
weighted average basis Nebraska. On the National Direct Afternoon Hog Report,
negotiated prices were down $11.11 to a weighted average price of $121.37 with
a wide spread of prices on only 5,084 head, and the five-day rolling average
was $129.40 per cwt. September corn moved up 8 cents per bushel to $6.29 1/4
and August soybean meal closed up $4.60 per ton to $520.20. The Dow Jones
Industrial Average was up 27 points and the NASDAQ was down 86 points.
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