DTN Closing Livestock Comment 02/15 15:42
Lean Hog Futures Rally Friday
Lean hog futures settled mostly higher Friday as traders adjusted positions
before exiting the market for the long weekend. Meanwhile, feeder cattle
futures saw sharp losses.
By Rick Kment
GENERAL COMMENTS: Wide-ranging price swings were seen throughout livestock
trade Friday before the long weekend. Markets will remain closed Monday due to
Presidents day, and will return to normal schedules Tuesday morning. Hog
futures rallied Friday, with April leading the charge as traders covered short
positions and distanced prices from long-term support levels. Cattle trade got
caught up in the drama of lower feeder cattle futures. Traders have various
concerns about trade and outside markets. From Friday to Friday, livestock
futures scored the following changes: Feb LC off $0.75; Apr LC off $0.75; Mar
FC off $1.50; Apr FC off $0.68; Apr LH up $4.48 and May LH up $2.05. Cash
cattle trade remained generally sluggish at midafternoon Friday. Another round
of late-afternoon or evening trade was expected. Bids were hovering in the same
pattern as seen the rest of the week, at $122 live and $198 to $200 dressed.
Asking prices were not budging, and were holding at $126 to $127 live and $202
to $204 dressed. The National Daily Direct afternoon hog report was $0.21 lower
($44.50-$48.78, weighted average $48.51) on 4,379 head sold. Corn futures were
mixed in light activity with the March unchanged from Thursday. The Dow Jones
Index was 445 points higher with the Nasdaq up 45 points.
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