DTN Closing Livestock Comment 02/21 15:26

DTN Closing Livestock Comment 02/21 15:26 Cattle Futures Tumble Lower Wednesday Strong losses developed Wednesday in feeder and live cattle contracts. This added even more weakness to the entire complex and caused some uncertainty about short- and long-term direction of the cattle and beef markets. By Rick Kment DTN Analyst GENERAL COMMENTS Cash cattle trade has started with a slow trickle in the North and South on a live basis. Prices are reported at $128 per cwt, a $2 decrease from week-ago levels. Although it is likely most trade will wait until later in the week, the sharp futures price dip during Wednesday's session seemed to break at least a small number of cattle loose. The Fed Cattle Exchange Auction today listed 218 head, with 0 actually sold, 127 head listed as unsold, and 91 head listed as PO (Passed Offer). The state-by-state breakdown looks like this: Kansas 218 total head, with 0 head sold, 127 head unsold, 91 head listed as PO ($126.25); Nebraska no cattle reported; Texas no cattle reported; Colorado no cattle reported; Iowa no cattle reported; other states no cattle reported. The delivery date/weighted averages breakdown is: 1-9 day delivery 218 head total, 0 head sold; 1-17 day delivery no cattle reported; 10-17 day delivery no cattle reported; 17-30 day delivery no cattle reported. According to the closing report, the national hog base is $0.37 lower compared with the Prior Day settlement ($57.00-$64.25) weighted average $63.92. The corn futures are higher in light activity. March futures were 3/4 cent higher Wednesday. The Dow Jones Index is 61 points higher with the Nasdaq up 49 points.