DTN Closing Livestock Comment 01/15 16:35
Markets Firm on Strong Buyer Interest
Early interest flooded into livestock trade Tuesday, with futures posting
sharp gains. Limited buyer activity allowed for prices to pull back from early
gains, but most contracts shifted higher.
By Rick Kment
GENERAL COMMENTS: Livestock futures quickly rebounded Tuesday with traders
focusing on increased underlying short-term fundamental support. Following
early triple-digit gains, markets cooled as limited pressure started to trickle
into all markets, eroding early support and leaving prices mixed in both cattle
and hog futures. Cash cattle trade remains undeveloped with asking prices and
bids still unavailable. This is likely to push most cash trade until the end of
the week with limited activity expected from packers until late Wednesday at
the earliest. According to the closing report, the national hog base is $0.29
lower ($47-$53, weighted average of $51.46). Corn futures were lower in light
activity with the March futures contract ending 7 cents lower. The Dow Jones
Index closed 155 points higher with the Nasdaq up 117 points.
Get your local Cash Bids emailed to you each morning from DTN – click here
to sign up for DTN Snapshot.