Cattle futures saw firm gains Friday based on anticipated cash market support and additional grain market weakness. This could lead to increased support early next week.
Lean hog futures were under pressure again Friday with nearby contracts nearing long-term support levels. Cattle trade improved with triple-digit gains seen in nearby contracts. From Friday to Friday, livestock futures scored the following changes: Feb LC up $1.93, Apr LC up $1.65, Mar FC up $1.57, Apr FC up $1.90, Feb LH off $1.30 and Apr LH off $1.70.
Cash cattle trade had started to develop late afternoon Friday with light trade at $200 per cwt dressed basis. This is generally $2 per cwt higher than last week’s prices. Activity in the South is still undeveloped, but feeders are holding onto live asking prices of $126 to $127 per cwt.
The National Daily Direct afternoon hog report was $0.13 lower ($45-$50, weighted average $49.43) on 6,623 head sold.
Corn futures were lower in light activity with the March contract down 2 1/4 cents. The Dow Jones Index was 151 points lower with Nasdaq down 7 points.