DTN Closing Livestock Comment 02/23 16:46
Mixed Trade at End of Week
Light activity was seen in all livestock markets late Friday with prices
mixed in a narrow range through most of the complex. Traders continue to focus
on the balance between fundamental and technical direction.
By Rick Kment
From Friday to Friday, livestock futures scored the following changes: Feb
LC off $2.10; Apr LC off $2.80; Mar FC off $3.72; May FC off $3.45; Apr LH up
$3.22; May LH up $2.68. Cash cattle trade was light to moderate during the day
with clean-up activity seen in all areas. Prices were generally steady with the
previous week's trade as the tone of the market was set midweek. Live cattle
trade held at $128 per cwt while dressed activity was seen from $204 to $206
per cwt, with most sales steady to $1 per cwt lower than the week previous. It
is likely that active market trade will not develop until midweek or later next
week, which could limit additional market direction. According to the closing
report, the national hog base is $0.93 lower compared with the Prior Day
settlement ($57.00-$63.75) weighted average $62.63. Corn futures were lower in
light activity with March futures down 1/2 cent Friday. The Dow Jones Index is
347 points higher with the Nasdaq up 127 points.
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