The cattle complex closed impressively higher, supported by late-week short-covering and improving beef cutouts. On the other hand, lean hog contracts settled narrowly mixed with nearbys generally losing ground to deferreds.
From Friday to Friday livestock futures scored the following changes: Jun LC, Off .15, Aug LC, Up .17; May FC, Up 2.73; Aug FC, Up 1.95; Jun LH, Off 1.25; Jul LH, Up .70. The cash cattle market was lightly tested with Kansas feedlots selling ready steers and heifers at $145, $1 lower than last week. The Northern tier of feeding country was limited to scattered sales ranging from $233 to $235, generally steady with Thursday’s decline. According to the closing report, the Iowa hog base is 0.85 lower compared with the Prior Day settlement ($102.00-$110.00, weighted average $108.96). Corn futures closed mostly fractionally higher Friday. Spot July was down 3/4, but remaining contracts were up 1/4 to 1/2.
DTN Closing Livestock Comment 03/05 16:19 Lean Hog Futures Fumble Efforts of Follow-Through Buying Hog paper closed sharply lower, quickly surrendering much of the price territory won by Wednesday's rally. The cattle complex settled mixed in the live pit and mostly higher in the feeder trade. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Thursday's display of cattle buying interest was limited to scattered bids of $157 in the South and $250-$254 in the North. For the most part, asking prices held firm at $162 plus in the South and $255-$260 in the North. According to the closing report, the Iowa hog base closed $0.05 higher compared with the Prior Day settlement ($55.00-$66.00, weighted average $64.94). The corn market settled modestly higher, supported in part of constructive export sales. U.S. stocks closed higher, breaking two days of losses amid details of quantitative easing in the euro zone and anticipation of Friday's jobs report. The Dow closed 38 points higher with the Nasdaq better by 15.
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