DTN Closing Livestock Comment 02/28 16:35

DTN Closing Livestock Comment 02/28 16:35 Feeder Trade Leads Cattle Lower Strong pressure in feeder cattle futures led to widespread softness through the entire cattle market. The move leaves late-week market direction uncertain. By Rick Kment DTN Analyst GENERAL COMMENTS: Firm pressure in nearby feeder cattle trade set the tone Thursday. Weakness in the cattle trade was due to traders adjusting end-of-the-month positions and taking protection in the event that long-term resistance at $130 per cwt holds. Hog futures posted strong early gains, but the gains eroded though the session on a lack of new market information and limited volume. Cash cattle markets were undeveloped with the same wide gap between asking prices and bids as seen through the first half of the week. Asking prices remain at $130 and higher live basis and $205 to $206 dressed, while bids are limited to $125 live and $202 dressed. Both sides seem ready to push activity to late in the day Friday. The National Daily Direct afternoon hog report was $0.56 lower ($42-$45.75, weighted average $44.72) on 7,451 head sold. Corn futures were lower in light activity with March falling 1 cent per bushel. The Dow Jones Index was 69 points lower with the Nasdaq down 21 points.