DTN Closing Livestock Comment 02/05 15:52
Cattle Futures Crash Late, Pressured By Profit-Taking and Outside Markets
The cattle complex closed sharply lower on Friday with triple-digit losses
dominating the feeder market. Lean hog contracts closed on a mixed basis with
nearbys generally losing ground to deferreds.
By John Harrington
DTN Senior Analyst
From Friday to Friday livestock futures scored the following Changes: Feb
LC, Up $0.75; Apr LC, Up $0.40; Mar FC, Off $3.43; May FC, Off $3.62, Feb LH,
Off $1.00 Apr LH, Off $0.40. Besides a few scattered dressed sales in parts of
the North, the cash cattle trade remains very slow at this time as feedlots
managers continue to resist packer bids. A light test in Nebraska and Iowa has
been reported at $210 on a dressed basis, about steady with last week. Yet, the
broader market is not likely to be established until late this afternoon.
Asking prices are around $140 to $142 in the South and $215-plus in the North.
According to the closing report, the Iowa hog base is $0.13 higher compared
with the Prior Day settlement ($60.75-$63.25, weighted average $62.41). Corn
futures closed down 2 3/4 cents in the March and July contracts.
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