DTN Closing Livestock Comment 11/13 15:56
Feeder Cattle Futures Surge Higher Tuesday
Late day buying activity flooded the feeder cattle futures complex in the
last hour of trade Tuesday afternoon. This renewed commercial support focused
on weaker outside markets, which will lead to lower production and feed costs.
Limited support moved through the rest of the livestock complex late Tuesday.
By Rick Kment
Cash cattle activity has remained completely undeveloped Tuesday with bids
and asking prices yet to be seen. The strong support in feeder cattle futures
that sparked late day live cattle futures strength may create some interest.
But for now, packers and feeders seem confident to wait until later in the week
before entering the ring. Active trade is not expected until late in the week,
while packers should become more active in the next day or so. According to the
closing report, the national hog base is $1.33 lower compared with the prior
day settlement ($47.00 to $52.44) weighted average $51.61. Corn futures are
lower in light activity. December futures were 4 3/4 cents lower. Dow Jones
Index is 110 points lower with Nasdaq up 7 points.
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