DTN Closing Livestock Comment 04/25 16:33
Cattle Futures Rebound Linked to Cash and Product Optimism
Live and feeder cattle contracts settled solidly higher, generally erasing
Tuesday's pullback and then some. Lean hog issues closed on a mixed basis with
nearbys gaining on deferreds.
By John Harrington
DTN Livestock Analyst
Cattle buyers and sellers pretty much kept to themselves Wednesday, perhaps
intuitively knowing that they didn't share much in common regarding ideas of
price this early in the game. A few packers left token calling cards with $119
bids. Some asking prices were suggested around $125 on a live basis, but
firming futures may boost bullish expectations even more through the second
half of the trading week. According to the closing report, the national hog
base is $0.28 higher ($52-$59, weighted average $58.35). Corn futures surged
5-6 cents higher, supported by noncommercial buying and another friendly swing
in wheat prices. Equities closed mixed with the Dow up 59 and the Nasdaq off 3.
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