DTN Closing Livestock Comment 02/06 15:44

DTN Closing Livestock Comment 02/06 15:44 Livestock Futures Pressured in Sluggish Trade Trade activity in most livestock markets remained extremely limited Wednesday, with traders looking for any sense of direction. Nearby contracts saw moderate pressure. Outside markets showed limited signs of life, too. By Rick Kment DTN Analyst GENERAL COMMENTS: Firm pressure developed late Wednesday in most livestock markets with nearby cattle and hog futures closing down 40 to 70 cents. Little has changed either technically or fundamentally in either of these markets, and futures continue to erode following the early week rally. The fact that commercial buying support has not stepped back into the market through the last two days is concerning. Prices could erode further, taking out early week gains. Cash cattle trade was undeveloped Wednesday with limited bids in the South at $121 per cwt. Dressed bids remain undeveloped at this point. Asking prices have become more available as feedlot managers are pricing cattle at $126 to $127 per cwt live and $200 to $203 dressed. Active trade is not likely until late Thursday or, more likely, sometime Friday. The National Daily Direct afternoon hog report was $0.43 lower ($45-$50.60 per cwt, weighted average $49.77) on 7,094 head sold. Corn futures were lower in light activity with the March futures contract down 3/4 cent. The Dow Jones Index was 21 points lower with Nasdaq down 26 points.