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DTN Closing Livestock Comment 11/16 16:33
Hog Futures Finish Pre-Holiday Business Week With Limit Gains
Lean hog futures closed sharply higher Friday, spurred to limit gains thanks
to aggressive short-covering and oversold charts. The cattle complex settled on
a mixed basis with nearby live issues holding up reasonably well as their
feeder counterparts crashed hard.
By John Harrington
DTN Livestock Analyst
GENERAL COMMENTS:
A light to moderate trade developed in parts of the South with live prices
at $114, generally steady with last week's weighted averages. A light dressed
trade has taken place in parts of Nebraska with dressed prices at $176 to $178
(mostly $178), generally $2 lower than last week's weighted average. Some
asking prices remain firm around $116 to $117 in the South, and $180 in the
North. According to the closing report, the national hog base is .02 higher
compared with the Prior Day settlement ($46.00-52.44, weighted average $51.60).
The late-week corn trade closed about 3 cents lower as traders ignored positive
export sales and focused more on generally dry harvest weather conditions. From
Friday to Friday livestock futures scored the following changes: Dec LC, up
$0.78; Feb LC, up $1.92; Jan FC, up $2.72; Mar FC, up $1.80; Dec LH, up $4.27;
Feb LH, up $7.25. The stock market closed higher with the Dow better by 123
points and the Nasdaq in the green by 11.
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