DTN Closing Livestock Comment 09/03 15:52
Cattle Contracts Settle Higher, Led by the Feeder Trade
The cattle complex settled with solid gains, though feeder issues
outperformed their live counterparts. On the other hand, lean hog futures
finished moderately lower, pressured by profit-taking and softening cash bids.
By John Harrington
DTN Livestock Analyst
Light to moderate business surfaced in the Northern tier of feedlot country
with dressed deals ranging from $221-$224 (mostly $222), $3-$6 lower than last
week's weighted average basis Nebraska. Area live business ranged from
$140-$143 (mostly $142-$143), $2-$3 lower than last week. On the other hand,
the South remained untested with $4-$6 separating bids and asking prices.
According to the closing report, the Iowa hog base is .95 lower compared with
the Prior Day settlement ($63.00-$69.25, weighted average $70.31). Nearby corn
contracts settled generally 6 cents lower, weighed by building harvest
expectations. U.S. stocks closed mixed, attempting to extend a recovery as
investors eyed fluctuations in oil prices and awaited the final jobs report
before the Federal Reserve's key September meeting. The Dow closed up 23 points
while the Nasdaq lost 16.
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