DTN Closing Livestock Comment 08/22 15:36
Hog Futures Losses Continue
Lean hog futures remained under pressure Thursday with most contracts ending
down. Cattle trade remained firm on fundamental support.
By Rick Kment
Active pressure continues to develop in lean hog trade with futures testing
long-term lows once again. Increased firmness in cattle trade continued
Thursday as traders focus on recent beef values. Limited cash cattle trade
started to develop in parts of the North with live trade at $108 per cwt. Bids
of $105 per cwt are seen in the South on a live basis and $172 to $176 dressed
basis in the North. This is still well below asking prices of $108 to $109 in
the South and $178 to $180 in the North. Active trade is expected to remain
undeveloped until sometime Friday, and could be delayed until after the Cattle
on Feed report is released. The National Daily Direct afternoon hog report is
$1.39 lower ($57 to $71.50, weighted average $66.15) on 11,419 head sold. Corn
futures inched higher with September up 3/4 cent. Stock markets are mixed in
light trade with the Dow 49 points higher and the NASDAQ down 28 points.
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