DTN Closing Livestock Comment 02/16 16:41
Mixed Cattle Trade Limit Trade Volume
Late-week support moved into the cash cattle complex, pushing prices $4 to
$5 per cwt higher than last week. This building support continues to affect the
rest of the market, pushing front-month live cattle futures higher Friday.
Markets will remain closed Monday and reopen Tuesday morning.
By Rick Kment
From Friday to Friday, livestock futures scored the following changes: Feb
LC up $3.58; Apr LC up $4.03; Mar FC up $3.52; May FC up $4.50; Apr LH off
$0.70; May LH up $0.15. Cash cattle trade quickly developed mid to late
afternoon Friday with trade seen at $129 to $130 live basis, which is $4 per
cwt higher than last week. Dressed trade was seen at $205 per cwt, which is a
$5 per cwt rally over last week's average. Although it appears that trade is
done for the week, it is likely that overall numbers of sales and amount of
cattle sold will likely continue to trickle in after the fact through the rest
of the afternoon and evening. According to the closing report, the national hog
base is $0.95 lower compared with the Prior Day settlement ($59-$66) weighted
average $64.82. The corn futures are lower in light activity. March futures
were 1/4 cent lower Friday. The Dow Jones Index is 16 points higher with the
Nasdaq down 14 points.
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