DTN Closing Livestock Comment 04/23 15:50
Summer Lean Hog Futures Close Limit Up
Triple-digit gains dominated the lean hog pit Wednesday, thanks to
aggressive short-covering and the bullish Cold Storage report released Tuesday.
On the other hand, the cattle complex settled with moderate progress, supported
by spec buying and short-covering.
By John Harrington
DTN Livestock Analyst
The cash cattle trade remained untested at midweek with just a few
preliminary bids thrown on the table. For example, Northern producers saw bids
around $232 to $233, well below general asking prices of $237 to $238.
According to the closing report, the Iowa hog base is $0.48 higher compared
with the Prior Day settlement ($105.00-$124.00, weighted average $116.20). Corn
futures rose again, up 7 1/4 in May, up 7 1/2 in July, up 8 1/4 in Sep and up 8
3/4 in Dec.
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