DTN Closing Livestock Comment 07/17 16:20
Lean Hog Contracts Crash as Supply and Demand Fears Mount
Triple-digit losses dominated the lean hog market with new spot August
slumping to a new contract low. The cattle complex settled moderately lower in
the live market with feeder issues closing mixed.
By John Harrington
DTN Livestock Analyst
Feedlot country was a virtual ghost town through the day with nary a single
bid nor asking price evident. According to the closing report, the national hog
base is $0.90 lower compared with the Prior Day settlement ($67-$73.50,
weighted average $71.86). The corn market closed 4 1/2 cents higher, supported
by Monday's drop in corn ratings (i.e., 75% good to excellent nationwide the
previous week to 72% last week). The stock market closed higher with the Dow up
55 points and the Nasdaq better by 49.
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