DTN Closing Livestock Comment 12/12 15:25
Strong Gains Develop in Cattle Futures
Triple-digit gains quickly developed early Tuesday in live cattle and feeder
cattle trade. This aggressive shift higher sparked widespread buyer support
that had been waiting on the sidelines over the last couple of weeks.
Follow-through support could easily develop over the coming days.
By Rick Kment
Cash cattle markets remain generally sluggish late Tuesday with just a few
token bids have developed in the South. These early bids are set at $114 per
cwt, and likely not going to gain any attention from feedlot managers at this
point in the week. Asking prices are still hard to pin down in most areas,
although more definition should develop through the day Wednesday. According to
the closing report, the national hog base is $0.72 lower compared with the
prior day settlement ($51-$59.20) weighted average $58.15. The corn futures
moved lower in light activity. March futures were 1 cent lower Tuesday. The Dow
Jones Index is 134 points higher with the Nasdaq down 10 points.
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