Close
     Click to Print
Monday, March 16, 2015

AFTERNOON MARKET UPDATE; March 16

by DTN

CLOSING LIVESTOCK COMMENTS
John Harrington, DTN Livestock Analyst

GENERAL COMMENTS: Activity in feedlot country was typically limited to the distribution of new showlists. The mid-month offering seems generally larger than last week. Some asking prices are around $163 in the South and $260-$262 in the North. According to the closing report, the Iowa hog base closed $0.42 lower compared with the Prior Day settlement ($51.00-$60.50, weighted average $57.47). The corn pit drifted a penny or so lower in lackluster trade volume. U.S. stocks closed more than 1% higher, supported by a weaker dollar and renewed weakness in oil prices. The Dow closed 28 points higher with the Nasdaq positive by 57.

LIVE CATTLE: Futures closed off 5 to 107. The live pit closed lower with spot April catching most of the early week selling interest. Between cautious packer buying interest and uncertainty surround beef demand, the board seems unbothered by its deep discounts to cash at this point. Beef cut-outs: solidly higher (choice, $245.26, up $1.14; select, $245.06, up $0.99) with moderate demand and light offerings (61 loads of choice cuts, 15 loads of select, 4 loads of trimmings, 26 loads of ground beef).

TUESDAY'S CASH CATTLE CALL: Steady. Most are betting on a typical Tuesday with both bids and asking prices remaining poorly defined. Significant trade volume is not likely to surface until Thursday or Friday.

FEEDER CATTLE: Futures closed mostly 65 to 117 lower. Feeders closed moderately lower as specs continued to trim the tree in the wake of the late Feb/early March rally. On an estimated run of 11,000 head (i.e., a bit larger than last week's count of 10,149 and 2014's tally of 8,798), Oklahoma City sold feeder steers and heifers on a steady/firm basis. 03/13 cash index: $213.80, up $0.18.