DTN Closing Livestock Comment 02/05 15:36

DTN Closing Livestock Comment 02/05 15:36 Live Cattle Futures Rally Tuesday Follow-through support developed in live cattle trade Tuesday. By Rick Kment DTN Analyst GENERAL COMMENTS: Early pressure developed in lean hog and feeder cattle trade Tuesday morning. Lean hog futures closed lower for the day, but nearby contracts still remain over $1 per cwt higher for the week. Live cattle futures continued to shift higher with firm gains developing in all nearby trade. Cash cattle markets remained sluggish Tuesday afternoon with a few token bids seen in the North at $196 dressed basis. Asking prices are still undeveloped as feedlot managers try to assess market direction before pricing cattle. Given the volatility in the market, feeders are unwilling to be too quick to put prices on inventory for the fear of leaving too much money on the table if markets continue to firm. It is likely that most business will be pushed off until late in the week. National Daily Direct afternoon hog report was $0.39 lower ($46 to $51.08, weighted average $50.16) on 8,008 head sold. Corn futures were higher in light activity with the March futures contract up 1 1/4 cents. The Dow Jones Index was 171 points higher with the Nasdaq up 53 points.