DTN Closing Livestock Comment 03/16 16:59
Cattle Paper Close Another Defensive Week With Moderate Losses
The cattle complex closed moderately lower, pressured by a combination of
long liquidation and late-week technical-selling. On the other hand, lean hog
futures settled narrowly mixed on light trade volume.
By John Harrington
DTN Livestock Analyst
Late-week business in the cash cattle trade was limited to scattered sales
at prices near steady with Tuesday. The action was mostly cleanup in nature
with some buyers unwilling to raise bids and some sellers unwilling to lower
asking prices. The National hog base closed off $1.31 compared with the Prior
Day settlement ($53-$58.50, weighted average $57.26). From Friday to Friday,
livestock futures scored the following changes: Apr LC off $1.87; Jun LC off
$2.55; Mar FC off $2.55; May FC off $3.70; Apr LH off $2.40; May LH up $0.75.
Corn futures closed 4 cents lower, pressured by worries that official export
expectations for the marketing year may be overstated. The stock market closed
generally higher with the Dow up 72 points and the Nasdaq near unchanged.
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