DTN Closing Livestock Comment 12/05 16:09
December Lean Hog Contract Scores 3-Month High
Lean hog futures launch week with solid gains, supported by higher trend
cash and early month short-covering. The cattle complex settled on a mixed
basis thanks to a slow combination of follow-through selling and profit-taking.
By John Harrington
DTN Livestock Analyst
Activity in cattle country was limited to the distribution of new showlists.
Ready numbers appear to be mixed, significantly smaller in Texas, moderately
larger in Kansas and Colorado, and about unchanged in Nebraska. Overall, the
offering seems to be modestly smaller than last week. According to the closing
report, the national hog base is $0.58 higher ($42.00-$49.50, weighted average
$47.73). Corn futures jumped sharply higher with most contracts settling 11 to
12 in the green. Some credited the sudden buying zeal to dry conditions in
Argentina and this quarter's brisk pace of export sales. Shrugging off
implications of the Italian referendum, the Dow rallied to a new high. The Dow
closed 45 points higher with the Nasdaq advancing by 52.
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