DTN Closing Livestock Comment 11/29 16:07
Traders Look for Support in Cattle Complex
Heading into Tuesday's trade, the cattle contracts will be looking for
fundamental support and the lean hog contracts are hopeful to find continued
support in both the cash market and pork cutout values.
DTN Livestock Analyst
The cattle contracts didn't walk away with any wild wins through Monday's
trade, but feedlots aren't worried about this week's trade after seeing how
aggressive packers were in last week's cash market. Upon seeing that packers
committed 90% of last week's volume for the nearby delivery. Hog prices closed
higher on the National Direct Afternoon Hog Report, up $0.02 with a weighted
average of $55.15 on 11,221 head. December corn is down 5 3/4 cents per bushel
and January soybean meal is down $6.70. The Dow Jones Industrial Average is up
236.60 points and NASDAQ is up 291.17 points.
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