DTN Closing Livestock Comment 02/01 15:46

DTN Closing Livestock Comment 02/01 15:46 Livestock Futures Mixed Friday Firm buyer support trickled into live cattle and lean hog futures Friday as traders covered short positions and headed out the door for the weekend. Buying in grain markets added to feeder cattle pressure. By Rick Kment DTN Analyst GENERAL COMMENTS: Limited buying redeveloped throughout the livestock market Friday with live cattle and lean hog futures mostly higher at closing bell. Pressure in feeder cattle futures was driven by active buying in the grain complex Friday. Cash trade was starting to develop in parts of the North at $198 to $199 per cwt dressed basis by midafternoon Friday. At the time these comments were posted, it was unclear whether there would be enough trade at these levels to set the pace for activity later in the day. Markets at this level would be generally $1 to $2 per cwt higher than last week. Bids were seen at $121 to $123 live basis midafternoon Friday, but feedlot managers had not given in at that point. It may be late afternoon or early evening Friday before trade is finished. Asking prices remain at $125 to $126 live, and $200 to $203 per cwt dressed. The National Daily Direct afternoon hog report was $0.32 lower ($47-$51.50, weighted average $50.38) on 8,498 head sold. From Friday to Friday, livestock futures scored the following changes: Feb LC off $0.60, Apr LC off $0.57, Mar FC off $0.85, Apr FC off $0.72, Feb LH off $2.03 and Apr LH off $2.00. Corn futures were higher in light activity with the March contract closing up 1 3/4 cents. The Dow Jones Index was 15 points higher with Nasdaq down 30 points.