DTN Closing Livestock Comment 02/28 15:59

DTN Closing Livestock Comment 02/28 15:59 Livestock Futures Hit Wall at Midweek Cattle futures settled significantly lower at the conclusion of a very choppy session with feeder issues losing ground to their live counterparts. Lean hog contracts also closed lower with the first four months suffering triple-digit losses. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Initially spooked by lower-trending live futures, feedlot managers quickly moved to accept lower bids and capture attractive basis opportunities. Most live sales were marked at $126, $2 lower than last week. Some business was reported in Colorado and western Nebraska at $127, roughly $1 lower than last week. Dressed trade in the North was primarily marked at $204, some lower from last week's weighted average basis Nebraska (i.e., $204.44). Generally speaking, volume totals seemed moderate, though parts of the South could be done for the week. According to the closing report, the national hog base is $0.07 lower ($56.00-$63.50, weighted average $62.38). The corn market closed 2-4 cents higher, supported by dry conditions in U.S. wheat country and Argentina. Stocks closed lower with the Dow off 381 points and the Nasdaq down by 57.