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DTN Closing Livestock Comment 01/18 15:33
Hog Futures Rally Friday
Strong end-of-the-week rallies developed in the lean hog trade. This helped
to spark some additional underlying support through the entire complex going
into the long weekend.
By Rick Kment
DTN Analyst
GENERAL COMMENTS: Buying in lean hog trade led the complex higher, allowing
for trade near limit gains through part of the morning. Even though prices
backed away from session highs, the strong bounce at the end of the week
limited market losses. Cattle futures trickled higher Friday with the focus on
position adjustments before the weekend. From Friday to Friday livestock
futures scored the following changes: Feb LC, up $1.55; Apr LC, up $1.00; Jan
FC, off $4.67; Mar FC, off $2.08; Feb LH, off $1.43; Apr LH, off $1.08. Cash
cattle trade remains undeveloped at this point, with activity likely to hold
out until late afternoon. Asking prices remain firm at $127 to $130 per cwt
live and $200 and higher dressed. The need for cattle by packers should help to
spark some additional packer interest late in the week, but current bids are
showing little aggressiveness at this point. Live bids are seen at $122 to $123
per cwt, while dressed bids are at $195 to $197 per cwt. According to the
closing report, the national hog base is $0.41 higher ($46-$53, weighted
average of $51.81). Corn futures are higher in light activity. March futures
were 1 3/4 cent higher. Dow Jones Index is 300 points higher with Nasdaq up 62
points.
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