DTN Closing Livestock Comment 08/17 16:02
Feedlots Unwilling to Take Anything Less than Asking Price
It was a big day for the livestock complex as the contracts all traded
higher and the cash market remains hot for both cattle and hogs.
DTN Livestock Analyst
Feedlots are sticking to their guns this week and are going to make packers
pay their full asking price in order to buy cattle. At this point, the market
still hasn't really see any cattle trade, meaning that Thursday's market is
going to be a firecracker once trade does start. Hog prices closed higher on
the Daily Direct Afternoon Hog Report, up $2.15 with a weighted average of
$131.34 on 24,921 head. December corn is up 1 3/4 cents per bushel and December
soybean meal is up $4.50. The Dow Jones Industrial Average is down 171.69
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