DTN Closing Livestock Comment 07/02 15:43
Late Buying Supports Sharply Higher Lean Hog Contracts
Nearby lean hog futures closed near mid-June highs, supported by fund buying
in light volume. The cattle complex closed on a mixed basis with live issues
generally higher and feeder contracts solidly lower.
By John Harrington
DTN Livestock Analyst
From Friday to Friday livestock futures scored the following Changes: Jun
LC, Up 2.62; Aug LC, Up 3.10; Aug FC, Up .28; Sep FC, Up .25; Jul LH, Up 3.32
Aug LH, Up 3.60. Light cattle trade developed in parts of the North with most
dressed sales marked at $242, $2 higher than Wednesday and $4 to $5 stronger
than last week's weighted averages. Elsewhere business was very limited thanks
to significant trade volume generated on Wednesday. According to the closing
report, the Iowa hog base closed $0.88 higher compared with the Prior Day
settlement ($73.00-$77.00, weighted average $75.40). Corn futures closed
higher, up 6 in the July and up 5 1/2 in the December.
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