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DTN Closing Livestock Comment 09/18 15:18
Hints of Recovery in Cattle Prices
Livestock futures managed to hold on to mild gains across the board
Wednesday. Daily trading volume was low by recent standards, perhaps while fund
traders were waiting for the Federal Reserve's second rate-cut decision this
year (amid economic concerns), which hasn't been met with much enthusiasm by
the stock market.
By Elaine Kub
DTN Contributing Analyst
GENERAL COMMENTS:
A couple nuggets of light trade have been reported Wednesday in Texas at
$101, which is $2 higher than last week's weighted average, although it's hard
to say whether this will represent the start of a real recovery trend in cash
cattle prices. More trade volume on Thursday or Friday will help address that
question. Asking prices are around $103 plus in the South and $167 to $170 in
the North. According to the closing report, the national hog base was $0.29
lower (weighted average $44.80). Corn futures closed 3 1/4 cents higher. Crude
oil continues to pull back (down $1.10 per barrel). The stock market is near
unchanged in the S&P 500, and that index remains above 3,000.
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