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DTN Closing Livestock Comment 03/21 15:18
   Strong Pressure Redevelops in Cattle Futures

   Live cattle and feeder cattle futures both saw triple-digit losses
Wednesday, which allowed defensive cash cattle trade to redevelop. Hog markets
remained sluggish in a narrowly mixed trading range.

By Rick Kment
DTN Analyst


   Cash cattle trade developed across the North on Wednesday afternoon with
prices at $126 live and $203 dressed. Even though prices are generally $2 per
cwt lower than last week, they remain stable with the limited trade seen in the
North Tuesday. The sharp losses in futures trade have weakened any resolve of
feedlot managers. Some clean-up trade is likely to develop through the end of
the week, but the tone of the market is likely set. The Fed Cattle Exchange
Auction on Wednesday listed a total of 166 head, with 166 actually sold, zero
head listed as unsold and zero head listed as PO (Passed Offer). The
state-by-state breakdown looks like this: KS 166 total head, with 166 head sold
at $125.00-$126.00, zero head unsold, zero head listed as PO; NE -- no cattle
reported; TX -- no cattle reported; CO -- no cattle reported; IA -- no cattle
reported; other states (OK, SD, MN) -- no cattle reported. The delivery
date/weighted averages breakdown is as listed: 1-9 day delivery: 166 head
total, 166 head sold, with a weighted average price of $125.63; 1-17 day
delivery -- no cattle reported; 10-17 day delivery -- no cattle reported; 17-30
day delivery -- no cattle reported. According to the closing report, the
national hog base is $0.51 lower compared with the prior day settlement
($51-$56, weighted average $55.04). Corn futures are higher in light activity.
May futures were 1/2 cent higher Wednesday. The Dow Jones Index is 77 points
higher with the Nasdaq up 2 points.
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