DTN Closing Livestock Comment 12/01 15:13
Lean Hogs Fully Recover From Earlier Panic
Outside markets were generally supportive to livestock futures prices
Thursday, with a falling U.S. Dollar Index and sharply falling grain prices.
Lean hogs gave the most exciting performance, completely erasing the week's
previous losses with triple-digit gains.
When the lean hog market decided to correct its bearish overreaction from
earlier in the week, it chose to do it in a big, sudden way Thursday, with
gains of more than $4 per cwt at one point during the trading session. Feeder
cattle futures also closed with gains, and the live cattle futures market is
lingering near recent contract highs. In the cash cattle market, southern live
business has taken place at $155 to $157, steady to $2 higher than last week's
weighted averages, and northern dressed business has seen some light trade
Thursday at $249 or $4 higher than last week's weighted averages. The National
Direct Afternoon Hog Report showed purchased swine prices down $0.80 to a
weighted average of $85.26 on 10,542 head. Prices ranged from $77 to $88.50,
and the five-day rolling average is now $85.00. December corn moved down 12
cents to $6.50 per bushel and December soybean meal closed up $3.80 per ton to
$421.60. The Dow Jones Industrial Average was down 194.76 points and the NASDAQ
was up 11.84 points.
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