DTN Closing Livestock Comment 02/08 16:04

DTN Closing Livestock Comment 02/08 16:04 Cattle Futures Pull Away From Early Gains Livestock futures trade ended mixed Thursday, although very limited trade direction developed at the end of the session. Cattle futures pulled back from aggressive market gains to close mostly lower as buyer interest evaporated through the end of the day. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade is most likely to be pushed into Friday following no additional direction through the day Thursday. Cash bids have continued to redevelop at the same level as seen earlier in the week with live cattle bids at $124 per cwt while dressed cattle are bid at $196 to $198 per cwt. This is well below asking prices (which have not budged through the week either) at $129 to $130 live basis and $203 to $204 per cwt dressed basis. The standoff could continue until late Friday. According to the closing report, the national hog base is $1.26 per cwt lower with an average price of $69.59 per cwt (trading range: $62-$73.50). Corn futures are higher in light activity. March futures were 1/2 cent higher Thursday. The Dow Jones Index is 1029 points lower with the Nasdaq down 164 points.