DTN Closing Livestock Comment 02/20 16:14
Hog Futures Rally Higher Tuesday
Movement in the hog complex stole the attention of most traders with
triple-digit gains seen across the market. This is adding even more support to
the entire hog market even though prices quickly backed away from session highs
at the end of the trading day.
By Rick Kment
Cash cattle activity remains undeveloped Tuesday. Packers and feedlot
managers are likely off to a slow start for the week given no markets to base
initial expectations on due to the markets being closed Monday. Cash trade is
likely to be pushed off to the second half of the week and could develop
sometime Thursday or Friday. There is growing support for market firmness,
although the lack of futures support will make it a hard sell over the coming
days. According to the closing report, the national hog base is $0.15 lower
compared with the Prior Day settlement ($58-$65) weighted average $64.29. Corn
futures were lower in light activity. March futures were 2 cents lower Monday.
The Dow Jones Index is 195 points lower with the Nasdaq up 20 points.
For more free DTN information sent right to your email each morning - click here
to sign up for DTN Snapshot.