By DTN/The Progressive Farmer
Fri 15 Feb 2013 16:30:00 CT
DTN Closing Livestock Comments 02/15 15:56
Live and feeder Contracts Build on Thursday's Reversals
The cattle complex closed a tough week with a late wave of moderate price
progress. Buying in both pits was tied to short covering and light technical
buying. Lean hog contracts settled on a mixed basis with nearbys pressured by
reports of struggling cash business.
By John Harrington
DTN Livestock Analyst
Friday's feedlot trade consisted of a few scattered sales in parts of the
North and little more (i.e. mostly $196, steady with Thursday but $4 below last
week). Preliminary weekly totals are clearly on the small side. According to
the closing report, the Iowa hog base closed 0.95 lower compared with the Prior
Day settlement ($70.00-82.25, weighted average $81.44). Breaking its streak of
10 straight daily losses, old-crop corn contracts settled 3-4 cents lower. The
stock market recovered from early lows to close narrowly mixed. More
positively, the S&P 500 managed to pull off its seventh-straight week higher,
logging the longest weekly win streak in over two years. The Dow finished 8
points higher with the Nasdaq off 6. Note that CME trading will be closed
Monday in observation of Presidents Day.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.