DTN Closing Livestock Comment 03/08 15:21

DTN Closing Livestock Comment 03/08 15:21 Higher Hog Futures Respond to Supply News Livestock contracts closed higher across the board Friday, led by a sharp rally in lean hog futures prices back toward mid-February levels. This week's Cold Storage report was considered bullish for pork. Friday afternoon's Cattle on Feed report should be considered neutral, with 11.7 million head on feed (100% of year-ago levels). By Elaine Kub DTN Contributing Analyst GENERAL COMMENTS: Some very light trade developed in parts of Nebraska Friday afternoon at prices fully steady with Thursday's business and the week prior ($205 dressed/$128 live). It is looking like Southern trade is essentially completed for the week, but that we may see a few more deals in the North. Asking prices on cattle left on showlists are around $130 live and $207 dressed. According to the closing report, the national hog base is $0.08 lower ($41-$45.50, weighted average $44.80). Corn futures settled fractionally lower, pushed by a bearish but unsurprising monthly supply-and-demand report that raised ending stocks projections by 100 million bushels. The stock market dipped 2% this week, with the S&P 500 ending at 2,743.