DTN Closing Livestock Comment 11/26 16:13
Cattle Cling to Bullish Outlook Amid New COVID-19 Variant
While the rest of the futures complex crumbled lower, the cattle contracts
remained bullish through Friday's woes.
DTN Livestock Analyst
Even though it was a holiday week where little is expected to take place, as
sale barns are mostly closed for the week, traders tend to take a couple extra
days off and no one is as attune to the markets as usual, but this week was as
busy as ever. The fat cattle market rallied up to $140 live, the cattle
contracts saw huge gains and, come Friday, there was news that a new COVID-19
variant had been found in South Africa. Come next week, the market will have a
lot to absorb and rationalize. Hog prices closed $0.53 lower on the National
Direct Afternoon Hog Report, posting a weighted average of $55.13 on 5,715
head. December corn is up 7 cents per bushel and January soybean meal is down
$1.50. The Dow Jones Industrial Average is down 905.04 points and NASDAQ is
down 353.56 points.