DTN Closing Livestock Comment 03/22 17:08
Cattle Futures Finally Catch Corrective Bounce
Live and feeder contracts closed with significant gains thanks to aggressive
short-covering and the technical correction of oversold charts. Conversely,
lean hog futures closed sharply lower, pressured by building threats of a trade
war with China.
By John Harrington
DTN Livestock Analyst
The cash cattle trade was very quiet through the day with business for the
week essentially completed at midweek. According to the closing report, the
Iowa hog base closed $1.17 lower compared with the prior day settlement
($50-$55, weighted average $53.97). Corn futures closed a penny-plus higher
with no particular trading feature evident. The stock market tanked as trade
war fears with China escalated. The Dow imploded by 724 points, and the Nasdaq
crashed by 178.
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