DTN Closing Livestock Comment 02/14 15:46

DTN Closing Livestock Comment 02/14 15:46 Hog Futures Erode in Light Trade Hog futures were under pressure again Thursday, leading to the evaporation of early week gains. By Rick Kment DTN Analyst GENERAL COMMENTS: Strong pressure developed again in the lean hog trade Thursday with April and June futures losing $1 per cwt. Although short-term support levels of $78.42 per cwt are still holding, the erosion of early week gains is leaving the complex in a vulnerable position. Cattle futures closed higher in late-day buying as initial market pressure was not strong enough to hold off buyer interest that was based on expected cash market support. Limited cash bids continued to be seen Thursday. Most trade activity will likely be delayed until sometime Friday. Bids have redeveloped at $122 live in Texas, and $198 to $200 dressed. Asking prices continue to hold near $126 to $127 live and $203 to $205 dressed, as feedlot managers continue to look for steady-to-higher cash trade at the end of the week. The National Daily Direct afternoon hog report was $0.35 higher ($45-$49.50, weighted average $48.60) on 10,748 head sold. Corn futures were lower in light activity with the March contract down 4 cents. The Dow Jones Index was 48 points lower with Nasdaq up 18 points.