DTN Closing Livestock Comment 04/24 15:59
Hog Futures Continue to Slide Lower
Lean hog futures closed lower with nearby contracts losing ground on
deferreds. The cattle complex settled mostly lower, fading from early session
progress thanks to long liquidation and profit taking.
By John Harrington
DTN Livestock Analyst
Cash cattle trading was a non-event Tuesday with both bids and asking prices
poorly defined (a few showlists in the South were priced around $125).
According to the closing report, the national hog base is .23 higher
($53.50-to-$59.00, weighted average $57.96). Corn futures climbed several cents
higher, supported in part by rebounding wheat prices. The stock market took it
on the chin again Tuesday as investors continue to stew over the prospects for
higher interest rates. The Dow closed as much as 424 points lower with the
Nasdaq off 121.
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