DTN Closing Livestock Comment 01/27 16:15
All Eyes Look to the Cash Cattle Market
Wednesday's trade was doggish as traders looked at the livestock contracts
and wanted to let them cool for a day before investing more and continuing to
scale them higher.
DTN Livestock Analyst
It was a sluggish day for the livestock contracts as the complex drifted
lower, unable to keep the trader interest and momentum needed to continue to
add to the market's position. Bids have surfaced for this week's cash cattle
market, but feedlots are resistant to cave this early in the week when they
stand the chance to move this week's cash market potentially $2.00 to $3.00
higher. Hog prices closed higher on the National Direct Afternoon Hog Report,
up $0.58 with a weighted average of $56.75 on 5,776 head. March corn is up 1
3/4 cents per bushel and March soybean meal is up $0.10. The Dow Jones
Industrial Average is down 633.87 points and NASDAQ is down 355.47 points.
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