DTN Closing Livestock Comment 03/18 15:42
Hog Futures Advance on Demand Strength
Expectations for strong domestic and export markets helped push hog futures
triple digits higher Monday.
By Rick Kment
DTN Analyst
GENERAL COMMENTS: Early softness in lean hog futures Monday gave way to
triple-digit gains by closing bell. Despite not expanding trading limits, the
April futures contract was up $2.22 per cwt to close above $71 per cwt. Mixed
cattle trade left many traders unsettled, but the ability for most contracts to
advance higher helped to spark some underlying support. Cash markets were
undeveloped with new showlists generally mixed. Numbers were steady to lower
everywhere but Texas. Asking prices and bids are not expected to develop until
midweek or later. The National Daily Direct afternoon hog report was $1.81
higher ($48-$58.50, weighted average $55.73) on 7,963 head sold. Corn futures
were lower in light activity with May down 1 3/4 cents per bushel. The Dow
Jones Index was 69 points higher with the Nasdaq up 28 points.
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