DTN Closing Livestock Comment 12/15 16:29
Cattle Futures Close Week with Triple-Digit Gains
Quickly recovering from a sluggish opening, cattle futures climbed sharply
higher through the session, inspired by greater packer spending in feedlot
country. Lean hogs settled solidly higher, supported by late-week
short-covering and spillover buying from the cattle complex.
By John Harrington
DTN Livestock Analyst
Moderate cattle trading developed in most areas just before the weekend
break as feedlot managers responded to higher packer bids. Live business in the
South ranged from $118-$120, $1 to $3 higher. Most dressed sales in the North
were marked at $190, generally $3 higher than last week's weighted average
basis Nebraska. The national hog base closed off $0.13 compared with the prior
day settlement ($50-$57.85, weighted average $56.47). From Friday to Friday,
livestock futures scored the following changes: Dec LC up $3.33; Feb LC up
$2.72; Jan FC up $2.53; Mar FC up $2.23; Feb LH off $0.33; Apr LH off $0.32.
Corn futures closed about a penny lower, stifled by the same old factors of
larger supplies and lackluster export demand. Encouraged by growing prospects
of a tax cut prior to Christmas, the stock market closed with new highs. The
Dow finished up 122 with the Nasdaq better by 80.
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