DTN Closing Livestock Comment 02/22 16:59
Livestock Prices Mixed in Light Trade Friday
Narrow trading ranges in the livestock markets left the trade with a sense
of uncertainty Friday. Traders are expected to mull over USDA reports released
late Friday afternoon, although the information is expected to lead to only
limited direction Monday.
By Rick Kment
GENERAL COMMENTS: Limited activity slowly developed in livestock trade
Friday as traders backed away from wide market swings this week and focused
more on position-squaring ahead of the weekend. This left prices mixed in a
narrow trading range in most contracts. From Friday to Friday, livestock
futures scored the following changes: Feb LC up $2.05; Apr LC up $1.70; Mar FC
up $0.30; Apr FC up $0.08; Apr LH off $4.08; May LH off $2.98. Cash cattle
trade remained at a standstill as of midafternoon Friday, and it appeared that
active trade would hold off until late afternoon and evening Friday once again.
This has becoming a pattern over the last few weeks of both sides holding out
until Friday evening. Bids had improved slightly and were holding at $123 to
$125 live and $202 dressed. Even though the gap was slowly narrowing, it was
still below asking prices of $128 live and $205 to $207 dressed. The National
Daily Direct afternoon hog report was $0.42 higher ($43.50-$47.85, weighted
average $46.76) on 9,206 head sold. Corn futures were mixed in light activity
with the March down 1/4 cent per bushel. The Dow Jones Index was 181 points
higher with Nasdaq up 67 points.
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