DTN Closing Livestock Comment 06/19 16:31
Cattle Futures Stage Major Recovery From Early Session Price Collapse
The cattle complex closed solidly higher after successfully shaking off
spillover selling from outside markets. Lean hog futures settled sharply lower,
spooked by the intensification of trade war rhetoric.
By John Harrington
DTN Livestock Analyst
Cash cattle potential remained poorly defined Tuesday with virtually no bids
and just a few showlists priced at $115 live and $183 dressed. According to the
closing report, the national hog base is $0.34 higher ($77-$83.50, weighted
average $83.16). Although corn futures closed several cents lower, contracts
managed a major reversal from extreme selling action seen throughout most of
the grain complex. The stock market crashed in light of new tariffs announced
against China. The Dow closed 287 points lower with the Nasdaq down by 21.
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