DTN Closing Livestock Comment 02/02 16:59

DTN Closing Livestock Comment 02/02 16:59 Sizzling Cattle Rally Late in the Week Trumps Early Weakness The cattle complex closed significantly higher on Friday, led by triple-digit gains in the feeder market. For the most part, lean hog issues settled moderately higher, supported by renewed cash strength. By John Harrington DTN Livestock Analyst GENERAL COMMENTS Besides a few odds and ends, the cash cattle trade was essentially quiet Friday. Trade volume totals for the week look moderate at best, and packers could find themselves relatively short-bought early next week. The National hog base closed up $1.08 compared with the Prior Day settlement ($64-$73.83, weighted average $72.59). From Friday to Friday, livestock futures scored the following changes: Feb LC up $2.25; Apr LC up $1.50; Mar FC up $4.20; May FC up $4.72; Feb LH up $2.93; Apr LH off $0.25. Corn futures closed fractionally lower thanks to late-week profit-taking. However, spot March moved as much as a nickel higher from Friday to Friday. Despite aggressive job growth in January (i.e., up 200,000), the stock market plummeted sharply lower with the Dow off as much as 665 points. The Nasdaq lost as much as 144 points.