DTN Closing Livestock Comment 01/24 16:33
24 Jan 2019
DTN Closing Livestock Comment 01/24 16:33 Hog Futures Erode on Strong Supplies Readily available supplies continue to be bearish for live hog futures. By Rick Kment DTN Analyst GENERAL COMMENTS: Strong losses in lean hog futures Thursday put bearish pressure on the entire complex. Live cattle trade remained mixed in limited volume despite strong gains in feeder cattle futures. Cash market direction was limited even though a few cattle were sold in Iowa at $195 to $196 per cwt. At this point, Thursday's trade is not enough to establish a trend. However, bids have been seen in the $195- to $196-per-cwt range dressed and $122 live. Packer interest is expected to improve on Friday. Asking prices are holding at $126 and higher live and $200 dressed. According to the closing report, the national hog base is $0.68 lower ($47-$53, weighted average $51.58). Corn futures are mixed in light activity. March futures were 1/4 cent lower. Dow Jones Index is 171 points higher with Nasdaq up 5 points.