DTN Closing Livestock Comment 03/06 16:05
Cattle Futures Close Week With Solid Gains
Thanks to a late-session rally, live and feeder cattle contracts closed
sharply higher with feeders outpacing their live counterparts. Lean hog futures
finished mostly lower, pressured by burdensome fundamentals.
By John Harrington
DTN Livestock Analyst
From Friday to Friday livestock futures scored the following changes: Feb
LC, Up 2.95; Apr LC, Up 3.25; Mar FC, Up 7.70; May FC, Up 7.03; Apr LH, Off
1.35; May LH, Off 2.65. Short-bought cattle buyers were forced to secure
minimal slaughter needs. Bullish feedlot managers were successful in forcing
them to spend more money. Live sales in the South were mostly $161 to $161.50,
generally $2 to $2.50 higher than a week ago. Dressed deals in the North ranged
from $256 to $259, mostly $257 to $258, $3 to $4 higher than the previous week.
According to the closing report, the Iowa hog base closed $0.88 lower compared
with the Prior Day settlement ($55.00-$64.50, weighted average $64.00). Corn
futures closed lower, down 3 1/2 in the March, down 4 1/2 in the May and down 3
1/4 in the December.
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