DTN Closing Livestock Comment 03/05 16:19
Lean Hog Futures Fumble Efforts of Follow-Through Buying
Hog paper closed sharply lower, quickly surrendering much of the price
territory won by Wednesday's rally. The cattle complex settled mixed in the
live pit and mostly higher in the feeder trade.
By John Harrington
DTN Livestock Analyst
Thursday's display of cattle buying interest was limited to scattered bids
of $157 in the South and $250-$254 in the North. For the most part, asking
prices held firm at $162 plus in the South and $255-$260 in the North.
According to the closing report, the Iowa hog base closed $0.05 higher compared
with the Prior Day settlement ($55.00-$66.00, weighted average $64.94). The
corn market settled modestly higher, supported in part of constructive export
sales. U.S. stocks closed higher, breaking two days of losses amid details of
quantitative easing in the euro zone and anticipation of Friday's jobs report.
The Dow closed 38 points higher with the Nasdaq better by 15.
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